Net Income Per Common Share (Tables)

3 Months Ended

Mar. 31, 2024

Net Income Per Common Share

Schedule of antidilutive securities excluded from calculation of diluted EPS

The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share. Securities that could potentially dilute Basic EPS in the future, and which were excluded from the calculation of Diluted EPS because inclusion of such share would be anti-dilutive, are as follows (in thousands):

	Three Months Ended
	March 31,
	2024		2023
Treasury Warrants (1)		—		785
Employee Stock Awards		—		700
Total antidilutive securities		—		1,485

(1) U.S. Department of the Treasury (“U.S. Treasury”) warrants to purchase shares of SkyWest common stock issued pursuant to the three Payroll Support Program Agreements and a loan agreement with the U.S. Treasury.

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 are as follows for the periods indicated (in thousands, except per share data):

	Three Months Ended
	March 31,
	2024		2023
Numerator:
Net income (loss)	$	60,298	$	(22,071)
Denominator:
Basic earnings per share weighted average shares		40,299		49,391
Dilutive effect of employee stock awards and warrants		1,193		—
Diluted earnings per share weighted average shares		41,492		49,391
Basic earnings per share	$	1.50	$	(0.45)
Diluted earnings per share	$	1.45	$	(0.45)