SkyWest Airlines 2013 Annual Report Download - page 100
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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2013
(11) 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, 2013 and 2012 was
$81.8 million and $56.4 million, respectively.
(12) Quarterly Financial Data (Unaudited)
Unaudited summarized financial data by quarter for 2013 and 2012 is as follows (in thousands,
except per share data):
Year Ended December 31, 2013
First Second Third Fourth
Quarter Quarter Quarter Quarter Year
Operating revenues ................... $803,487 $839,130 $850,740 $804,368 $3,297,725
Operating income .................... 15,561 50,555 56,174 30,820 153,111
Net income (loss) .................... 3,233 20,720 26,394 8,609 58,956
Net income (loss) per common share:
Basic .............................. 0.06 0.40 0.51 0.17 1.14
Diluted ............................ 0.06 0.39 0.50 0.17 1.12
Weighted average common shares:
Basic: ............................. 51,763 51,881 51,881 51,228 51,688
Diluted: ........................... 52,497 52,547 52,610 52,034 52,422
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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