Long-term Debt

12 Months Ended

Dec. 31, 2011

Long-term Debt

Long-term Debt

(4) Long-term Debt

        Long-term debt consisted of the following as of December 31, 2011 and 2010 (in thousands):

	December 31, 2011			December 31, 2010
Notes payable to banks, due in semi-annual installments, variable interest based on LIBOR, or with interest rates ranging from 1.35% to 3.81% through 2012 to 2020, secured by aircraft	$	364,741		$	418,109
Notes payable to a financing company, due in semi-annual installments, variable interest based on LIBOR, or with interest rates ranging from 0.70% to 7.52% through 2012 to 2021, secured by aircraft		477,241			518,070
Notes payable to banks, due in semi-annual installments plus interest at 6.06% to 7.18% through 2021, secured by aircraft		193,197			212,504
Notes payable to a financing company, due in semi-annual installments plus interest at 5.78% to 6.23% through 2019, secured by aircraft		53,803			61,087
Notes payable to banks, due in monthly installments plus interest of 3.15% to 8.18% through 2025, secured by aircraft		706,463			663,487
Notes payable to banks, due in semi-annual installments, plus interest at 6.05% through 2020, secured by aircraft		19,946			21,969
Notes payable to banks, due in semi-annual installments, plus interest at 3.72% to 3.86%, net of the benefits of interest rate subsidies through the Brazilian Export financing program, through 2011, secured by aircraft		—			360
Notes payable to a financing company, due in semi-annual installments interest based on LIBOR secured by flight simulator equipment		—			2,389
Long-term debt		1,815,391			1,897,975
Less current maturities		(208,398	)		(159,039	)
Long-term debt, net of current maturities		1,606,993			1,738,936

        As of December 31, 2011, the Company had $1.8 billion of long term debt obligations related to the acquisition of CRJ200, CRJ700 and CRJ900 aircraft. The average effective interest rate on the debt related to the CRJ aircraft was approximately 4.4% at December 31, 2011.

        The aggregate amounts of principal maturities of long-term debt as of December 31, 2011 were as follows (in thousands):

2012	$	208,398
2013		162,978
2014		168,984
2015		176,180
2016		181,622
Thereafter		917,229
	$	1,815,391

        As of December 31, 2011 and 2010, SkyWest Airlines had a $25 million line of credit. As of December 31, 2011 and 2010, SkyWest Airlines had no amount outstanding under the facility. The facility expires on March 31, 2012 and has a fixed interest rate of 3.79%.

        As of December 31, 2011, the Company had $66.1 million in letters of credit and surety bonds outstanding with various banks and surety institutions.

        As of December 31, 2011, the Company was in compliance with all debt covenants.