SkyWest Airlines 2014 Annual Report Download - page 103

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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2014
(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 since 2007. Effective September 14, 2012, the
Company’s Board of Directors adopted the SkyWest, Inc. 2012 Stock Repurchase Plan (the ‘‘Stock
Repurchase Plan’’), which provided for the repurchase of up to 5,044,516 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 expired on October 15,
2014. During the years ended December 31, 2014, 2013 and 2012, the Company repurchased
0.7 million, 0.8 million, 0.1 million shares of common stock for approximately $8.4 million,
$11.7 million and $0.9 million, respectively at a weighted average price per share of $12.54, $14.40 and
$15.32, respectively.
(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
two CRJ200, two CRJ700 and four EMB120 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, 2014 and 2013 was $90.6 million and
$81.8 million, respectively.
(13) Quarterly Financial Data (Unaudited)
Unaudited summarized financial data by quarter for 2014 and 2013 is as follows (in thousands,
except per share data):
Year Ended December 31, 2014
First Second Third Fourth
Quarter Quarter Quarter Quarter Year
Operating revenues ................... $772,386 $816,574 $834,633 $813,854 $3,237,447
Operating income .................... (27,774) 13,244 59,080 (19,702) 24,848
Net income (loss) .................... (22,887) (14,737) 41,338 (27,868) (24,154)
Net income (loss) per common share:
Basic .............................. (0.44) (0.29) 0.81 (0.54) (0.47)
Diluted ............................ (0.44) (0.29) 0.79 (0.54) (0.47)
Weighted average common shares:
Basic: ............................. 51,467 51,183 51,127 51,174 51,237
Diluted: ........................... 51,467 51,183 52,036 51,174 51,237
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