SkyWest Airlines 2012 Annual Report Download - page 104
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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2012
(11) Stock Repurchase
The Company’s Board of Directors has authorized the repurchase of up to 25,000,000 shares of
the Company’s common stock in the public market. During the years ended December 31, 2012 and
2011, the Company repurchased 0.1 million and 4.1 million shares of common stock for approximately
$0.9 million and $60.7 million, respectively at a weighted average price per share of $15.32 and $14.62,
respectively. Effective September 14, 2012, the Company’s Board of Directors adopted the
SkyWest, Inc. 2012 Stock Repurchase Plan (the ‘‘Stock Repurchase Plan’’), which provides for the
repurchase of up to 6,514,266 shares of common stock, from time to time in open market or privately
negotiated transactions, as contemplated by Rule 10b5-1 promulgated under the Exchange Act, as
amended. The Stock Repurchase Plan expires on October 15, 2014.
(12) Related-Party Transactions
The Company’s President, Chairman of the Board and Chief Executive Officer, serves on the
Board of Directors of Zions Bancorporation (‘‘Zions’’). The Company maintains a line of credit
(see Note 3) and certain bank accounts with Zions. Zions is an equity participant in leveraged leases on
three CRJ200, two CRJ700 and five Brasilia turboprop aircraft operated by the Company’s subsidiaries.
Zions also refinanced six CRJ200 and two CRJ700 aircraft in 2012 for terms of three to four years,
becoming the debtor on these aircraft. Zions also serves as the Company’s transfer agent. The
Company’s cash balance in the accounts held at Zions as of December 31, 2012 and 2011 was
$56.4 million and $51.8 million, respectively.
(13) Quarterly Financial Data (Unaudited)
Unaudited summarized financial data by quarter for 2012 and 2011 is as follows (in thousands,
except per share data):
Year Ended December 31, 2012
First Second Third Fourth
Quarter Quarter Quarter Quarter Year
Operating revenues ................... $921,173 $937,214 $865,259 $810,726 $3,534,372
Operating income .................... 20,457 46,806 54,974 43,750 165,987
Net income (loss) .................... (682) 16,960 20,933 13,946 51,157
Net income (loss) per common share:
Basic .............................. (0.01) 0.33 0.41 0.27 1.00
Diluted ............................ (0.01) 0.33 0.40 0.27 0.99
Weighted average common shares:
Basic: ............................. 50,881 50,944 51,241 51,296 51,090
Diluted: ........................... 50,881 51,789 52,153 52,161 51,746
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