PINNACLE AIRLINES CORP

CIK:0001166291|SEC Filings

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2011

Earnings (Loss) Per Share [Abstract]

7. Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per share (“EPS”):

	Years Ended December 31,
	2011			2010		2009

Net income (loss)	$	(31,478	)	$	12,770	$	41,856
Basic earnings (loss) per share	$	(1.70	)	$	0.70	$	2.33
Diluted earnings (loss) per share	$	(1.70	)	$	0.69	$	2.31

Share computation:
Weighted average number of shares out- standing for basic EPS		18,481			18,132		17,969
Share-based compensation (1)		-			426		164
Weighted average number of shares out- standing for diluted EPS		18,481			18,558		18,133

(1)

At December 31, 2011, all options to acquire shares were excluded from the computation above as their impact was anti-dilutive. Options to purchase 1,341 and 1,095 shares of common stock were excluded from the diluted EPS calculation at December 31, 2010, and 2009, respectively, because their effect would be anti-dilutive.

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Operating activities
Net (loss) income	$ (31,478)	$ 12,770	$ 41,856
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization	57,892	45,064	41,121
Deferred income taxes	(14,184)	10,449	56,340
Recognition of deferred revenue	(27,228)	(25,659)	(24,422)
Other	24,835	6,684	10,157
Changes in operating assets and liabilities:
Receivables	16,769	20,917	(2,373)
Prepaid expenses and other assets	(1,515)	(13,137)	5,980
Spare parts and supplies	(3,039)	(6,270)	(3,594)
Income taxes (payable) receivable	90	39,602	(9,687)
Accounts payable and accrued expenses	18,318	18,568	(20,191)
Increase in deferred revenue	1,380	414	10,454
Cash provided by operating activities	41,840	109,402	105,641
Investing activities
Purchases of property and equipment	(15,812)	(9,908)	(8,410)
Proceeds from sale of Beech aircraft	0	1,450	0
Aircraft pre-delivery payments	(3,103)	(5,343)	0
Acquisition of Mesaba Aviation, Inc.	0	(2,374)	0
Proceeds from sales of investments	4,653	2,636	29,058
Proceeds from sale-leasebacks	5,800	0	0
Insurance proceeds related to property and equipment	0	0	3,576
Cash provided by (used in) investing activities	(8,462)	(13,539)	24,224
Financing activities
Proceeds from debt	13,409	12,096	24,761
Payments on credit facilities	(19,337)	(16,304)	(12,875)
Repurchase of senior convertible notes	0	(30,979)	(83,870)
Payments on debt	(58,551)	(49,266)	(34,191)
Other financing activites	(2,666)	(2,900)	(1,585)
Cash used in financing activities	(67,145)	(87,353)	(107,760)
Net (decrease) increase in cash and cash equivalents	(33,767)	8,510	22,105
Cash and cash equivalents at beginning of period	100,084	91,574	69,469
Cash and cash equivalents at end of period	66,317	100,084	91,574
Supplemental disclosure of cash flow information
Interest paid	46,700	35,756	36,873
Income tax (refunds) payments, net	(532)	(41,513)	(30,548)
Noncash investing and financing activities
Property and equipment acquired through the issuance of debt	141,620	167,886	53,105
Acquisition of Mesaba Aviation, Inc. funded by the issuance of debt	0	63,265	0
Debt retired with insurance proceeds	0	0	15,424
Debt retired with auction rate securities proceeds	0	0	90,000
Property acquired through operating lease incentive	5,504	0	0
Debt retired and flight equipment disposed of through sale-leaseback transaction	$ 35,379	$ 0	$ 0

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Current assets
Cash and cash equivalents	$ 66,317	$ 100,084
Restricted cash	8,141	8,219
Receivables, net of allowances of $85 in 2011 and $85 in 2010	28,788	39,401
Spare parts and supplies, net of allowances of $13,436 in 2011 and $6,682 in 2010	30,481	34,195
Prepaid expenses and other assets	11,084	6,002
Deferred income taxes, net of allowance	18,451	14,832
Income taxes receivable	1,111	1,201
Total current assets	164,373	203,934
Property and equipment
Flight equipment	1,093,950	971,512
Aircraft pre-delivery payments	0	21,641
Other property and equipment	77,304	65,544
Less accumulated depreciation	(172,451)	(123,559)
Net property and equipment	998,803	935,138
Other assets, primarily insurance receivables	267,210	310,339
Debt issuance costs, net of amortization of $1,734 in 2011 and $1,198 in 2010	5,096	4,799
Goodwill	22,282	22,282
Intangible assets, net of amortization of $12,052 in 2011 and $8,709 in 2010	17,652	22,306
Total assets	1,475,416	1,498,798
Current liabilities
Current maturities of long-term debt	64,597	56,414
Pre-delivery payment facility	0	19,337
Accounts payable	68,815	44,389
Deferred revenue	24,929	26,530
Accrued expenses and other current liabilities	104,522	99,670
Total current liabilities	262,863	246,340
Long-term debt, less current maturities	717,959	664,290
Deferred revenue, net of current portion	134,553	158,800
Deferred income taxes, net of allowance	18,596	29,328
Other liabilities	251,776	280,547
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value; 40,000,000 shares authorized; 23,694,305 and 23,145,908 shares issued in 2011 and 2010, respectively	237	231
Treasury stock, at cost, 4,600,550 and 4,493,327 shares in 2011 and 2010, respectively	(69,139)	(68,479)
Additional paid-in capital	127,934	124,652
Accumulated other comprehensive loss	(13,734)	(12,760)
Retained earnings	44,371	75,849
Total stockholders' equity	89,669	119,493
Total liabilities and stockholders' equity	$ 1,475,416	$ 1,498,798