Alaska Airlines and Horizon Air 2009 Annual Report Download - page 187

(in millions) 2009 2008 2007
Income (loss) before income tax and accounting change:
Alaska—mainline ................................ 176.9 (140.4) 236.4
Alaska—purchased capacity ....................... 6.9 (12.9) (21.4)
Total Alaska .................................... 183.8 (153.3) 215.0
Horizon ........................................ 22.8 (55.8) (10.7)
Other (2) ...................................... (3.7) (4.1) (3.8)
Consolidated ................................... 202.9 (213.2) 200.5
Capital expenditures (4):
Alaska (3) ...................................... 357.5 323.8 606.5
Horizon ........................................ 80.9 89.0 227.9
Consolidated ................................... 438.4 412.8 834.4
Total assets at end of period:
Alaska (3) ...................................... 4,541.3 4,428.6
Horizon ........................................ 724.1 692.3
Other (2) ...................................... 1,052.4 820.3
Elimination of inter-company accounts ............... (1,332.8) (1,105.6)
Consolidated ................................... $ 4,985.0 $ 4,835.6
(1) Alaska mainline revenue represents revenue from passengers aboard Alaska jets, freight and mail revenue, and all other
revenue. Purchased capacity revenue represents that revenue earned by Alaska on capacity provided by Horizon and a small
third party under a capacity purchase arrangement.
(2) Includes the parent company, Alaska Air Group, Inc., including its investments in Alaska and Horizon, which are eliminated in
consolidation.
(3) There are no interest or depreciation expenses associated with purchased capacity flying at Alaska, nor are there any
associated assets or capital expenditures.
(4) Capital expenditures include aircraft deposits, net of deposits returned.
NOTE 14. SHAREHOLDER’S EQUITY
Common Stock Repurchase
In 2007, the Board of Directors authorized the
Company to repurchase up to $100 million of its
common stock. The Company completed the
$100 million common stock repurchase program
in February 2008. Under that program, the
Company repurchased 4,113,782 shares, or 10%
of the outstanding stock at the start of the
program, at an average price of $24.31 per share.
In March 2008, the Company announced a
subsequent $50 million common stock
repurchase program that expired in March 2009.
During 2008, the Company repurchased 605,700
shares of its common stock for approximately
$11.7 million under this program. No further
repurchases were made under this program.
On June 11, 2009, the Board of Directors
authorized the Company to repurchase up to $50
million of its common stock under a new buyback
program, at which time the Company’s stock
price was $15.60. Through December 31, 2009,
the Company had repurchased 1,324,578
shares of its common stock for approximately
$23.8 million under this program.
Delisting of Common Shares
In October 2009, the Company delisted
7,900,000 common shares that had been held
in treasury. This action did not impact the total
number of common shares outstanding.
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ŠForm 10-K