SkyWest Airlines 2008 Annual Report Download - page 85

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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2008
(10) Related-Party Transactions (Continued)
serves as the Company’s transfer agent. The Company’s cash balance in the accounts held at Zions as
of December 31, 2008 and 2007 was $11.7 million and $5.3 million, respectively.
(11) Quarterly Financial Data (Unaudited)
Unaudited summarized financial data by quarter for 2008 and 2007 is as follows (in thousands,
except per share data):
Year Ended December 31, 2008
First Second Third Fourth
Quarter Quarter Quarter Quarter Year
Operating revenues (000) ............... $868,023 $950,820 $934,112 $743,294 $3,496,249
Operating income (000) ................ 68,222 72,951 60,259 53,798 255,231
Net income (000) .................... 29,140 36,434 26,156 21,199 112,929
Net income per common share:
Basic .............................. $ 0.49 $ 0.63 $ 0.46 $ 0.37 $ 1.95
Diluted ............................ 0.47 0.63 0.45 0.37 1.93
Weighted average common shares:
Basic: ............................. 60,013 57,377 57,027 56,744 57,790
Diluted: ........................... 61,351 58,009 57,682 57,488 58,633
Year Ended December 31, 2007
First Second Third Fourth
Quarter Quarter Quarter Quarter Year
Operating revenues (000) ............... $788,968 $855,048 $875,601 $854,715 $3,374,332
Operating income (000) ................ 79,575 88,855 92,469 83,625 344,524
Net income (000) .................... 34,788 40,622 42,927 40,855 159,192
Net income per common share:
Basic .............................. $ 0.54 $ 0.64 $ 0.69 $ 0.67 $ 2.54
Diluted ............................ 0.53 0.62 0.68 0.66 2.49
Weighted average common shares:
Basic: ............................. 64,279 63,811 61,942 60,807 62,710
Diluted: ........................... 65,837 65,245 62,888 62,204 64,044
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