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Net Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2022

Net Income Per Common Share

Schedule of antidilutive securities excluded from calculation of diluted EPS


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2022			2021			2022			2021
PSP1 and Treasury Loan Warrants ⁽¹⁾			582			—			291			—
PSP2 Warrants ⁽²⁾			125			—			125			—
PSP3 Warrants ⁽³⁾			78			78			78			39
Restricted Stock Units			65			—			32			—
Total antidilutive securities			850			78			526			39

(1)

Pursuant to the payroll support program established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (“PSP1”) and Loan and Guarantee Agreement with the U.S. Department of the Treasury (“U.S. Treasury”), SkyWest issued to Treasury warrants to purchase shares of SkyWest common stock for an exercise price of $28.38 per share.

(2)	Pursuant to the payroll support program established under the Consolidated Appropriations Act, 2021 (the “2021 Appropriations Act”) (“PSP2”), SkyWest issued to U.S. Treasury warrants to purchase shares of SkyWest common stock for an exercise price of $40.41 per share.

(3)	Pursuant to the payroll support program established under the American Rescue Plan Act of 2021 (the “American Rescue Plan Act”) (“PSP3”), SkyWest issued to U.S. Treasury warrants to purchase shares of SkyWest common stock for an exercise price of $57.47 per share.

Schedule of Basic EPS and Diluted EPS

The calculation of the weighted average number of shares of common stock outstanding for Basic EPS and Diluted EPS for the periods indicated (in thousands, except per share data) is as follows:


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2022			2021			2022			2021
Numerator:
Net income		$	53,951		$	61,994		$	71,685		$	97,894
Denominator:
Basic earnings per share weighted average shares			50,522			50,346			50,501			50,316
Dilutive effect of employee stock awards and warrants			44			379			136			411
Diluted earnings per share weighted average shares			50,566			50,725			50,637			50,727

Basic earnings per share		$	1.07		$	1.23		$	1.42		$	1.95
Diluted earnings per share		$	1.07		$	1.22		$	1.42		$	1.93