SkyWest Airlines 2015 Annual Report Download - page 88

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Effective December 31, 2002, ExpressJet Delaware adopted the ExpressJet Airlines, Inc. 401(k) Savings Plan
(the “ExpressJet Retirement Plan”). Substantially all of ExpressJet Delaware’s domestic employees were covered by this
plan at the time of the ExpressJet Combination. Effective January 1, 2009, the ExpressJet Retirement Plan was amended
such that certain matching payment amounts have been reduced or eliminated depending on the terms of the collective
bargaining unit or work group, as applicable.
ExpressJet’s contribution to the Atlantic Southeast and the ExpressJet Retirement Plans was $24.0 million,
$27.2 million and $26.7 million for the years ended December 31, 2015, 2014 and 2013, respectively.
Employee Stock Purchase Plans
In May 2009, the Company’s Board of Directors approved the SkyWest, Inc. 2009 Employee Stock Purchase
Plan (the “2009 Stock Purchase Plan”). All employees who have completed 90 days of employment with the Company
or one of its subsidiaries are eligible to participate in the 2009 Stock Purchase Plan, except employees who own five
percent or more of the Company’s common stock. The 2009 Stock Purchase Plan enables employees to purchase shares
of the Company’s common stock at a five percent discount, through payroll deductions. Employees can contribute up to
15% of their base pay, not to exceed $25,000 each calendar year, for the purchase of shares. Shares are purchased semi-
annually at a five percent discount based on the end of the period price. Employees can terminate their participation in
the 2009 Stock Purchase Plan at any time upon written notice.
The following table summarizes purchases made under the 2009 Employee Stock Purchase Plans during the
years ended December 31, 2015, 2014 and 2013:
Year ended December 31,
2015 2014 2013
N
umber of shares purchase
d
. . . . . . . . . . . . 254,098 295,035 299,786
Average price of shares purchased . . . . . . . . $ 13.50 $ 12.72 $ 12.33
The 2009 Stock Purchase Plan is a non-compensatory plan under the accounting guidance. Therefore, no
compensation expense was recorded for the years ended December 31, 2015, 2014 and 2013.
(11) Stock Repurchase
The Company’s Board of Directors has previously authorized the repurchase of the Company’s common stock
in the public market. During the years ended December 31, 2015, 2014 and 2013, the Company repurchased 1.3 million,
0.7 million, 0.8 million shares of common stock for approximately $18.7 million, $8.4 million and $11.7 million,
respectively at a weighted average price per share of $14.98, $12.54 and $14.40, respectively. As of December 31, 2015,
the Company’s Board of Directors has not authorized additional repurchases of the Company’s common stock.
(12) Related-Party Transactions
The Company’s Chairman of the Board and former 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 one CRJ200, two CRJ700 and four EMB120 aircraft leased
by the Company’s subsidiaries. Zions also refinanced five 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, 2015 and 2014 was $65.0 million and $90.6 million,
respectively.
During the year ended December 31, 2015, the Company purchased $363,910 of spare aircraft parts from an
entity affiliated with a director of the Company.