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Airline Comparitives

Airline Load Factors May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10 Nov-10 Oct-10 Sep-10 Aug-10 Jul-10 Jun-10 1Y High 1Y Low
Average 79.35% 77.36% 78.17% 74.68% 73.24% 77.17% 76.36% 78.19% 76.47% 80.55% 81.07% 80.36% 81.60% 72.25%
US Airways Group Inc N.A.
US Air Mainline 85.20% 82.60% 83.40% 76.80% 78.30% 80.80% 80.60% 83.60% 82.10% 85.20% 85.70% 86.90% 86.90% 76.80%
US Air Express 77.10% 72.40% 70.80% 66.60% 65.50% 70.60% 73.10% 78.00% 73.80% 72.80% 72.70% 74.40% 78.00% 65.50%
Alaska Air Group Inc N.A.
Alaska Airlines 84.70% 84.90% 87.40% 81.50% 80.00% 85.60% 83.90% 81.80% 81.50% 86.50% 87.40% 84.60% 87.40% 80.00%
Horizon Air Industries 77.20% 76.60% 79.10% 76.70% 72.00% 78.60% 76.30% 74.90% 76.10% 81.90% 81.60% 79.10% 81.90% 72.00%
Delta Air Lines Inc 83.90% 80.80% 79.70% 73.70% 75.20% 80.10% 79.50% 83.40% 82.50% 86.50% 88.30% 87.70% 88.30% 73.70%
Westjet Airlines Ltd 74.80% 83.60% 84.80% 83.60% 77.80% 80.30% 77.70% 77.40% 75.50% 82.20% 80.70% 78.20% 84.80% 74.80%
AMR Corp N.A.
Mainline - American Airlines N.A. 81.10% 80.20% 74.80% 75.80% 80.60% 80.40% 83.60% 80.10% 84.60% 87.00% 86.80% 87.00% 74.80%
American Eagle Airlines N.A. 73.70% 72.20% 68.60% 65.50% 73.60% 74.10% 76.80% 73.20% 74.50% 77.60% 78.80% 78.80% 65.50%
Executive Airlines N.A. 55.80% 55.60% 52.30% 51.00% 57.90% 59.10% 57.60% 52.30% 57.20% 59.70% 57.60% 59.70% 51.00%
United Continental Holdings Inc N.A.
Mainline N.A. 80.80% 80.50% 76.60% 78.90% 82.50% 81.50% 84.00% N.A. N.A. N.A. N.A. 84.00% 76.60%
Regional N.A. 76.80% 75.50% 72.40% 71.10% 76.00% 77.20% 80.00% N.A. N.A. N.A. N.A. 80.00% 71.10%
Republic Airways Holdings Inc N.A.
Branded N.A. 84.00% 84.00% 77.00% 75.00% 80.00% 81.00% 83.00% 83.00% 88.00% 91.00% 91.00% 91.00% 75.00%
Fixed Fee N.A. 71.00% 70.00% 67.00% 65.00% 72.00% 74.00% 78.00% 74.00% 78.00% 80.00% 80.00% 80.00% 65.00%
Allegiant Travel Co N.A. 89.00% 90.90% 89.40% 88.20% 86.90% 86.40% 86.30% 86.30% 87.20% 86.30% 89.90% 90.90% 86.30%
Hawaiian Holdings Inc N.A. 82.40% 85.00% 85.00% 82.40% 84.50% 85.20% 87.30% 85.70% 88.00% 86.70% 85.90% 88.00% 82.40%
Air Canada N.A. 81.90% 79.50% 75.90% 78.00% 80.80% 74.80% 80.30% 82.20% 86.80% 84.90% 84.70% 86.80% 74.80%
AirTran Holdings Inc N.A. 80.80% 82.80% 76.90% 74.80% 78.90% 80.60% 82.40% 77.70% 84.50% 88.60% 86.40% 88.60% 74.80%
JetBlue Airways Corp N.A. 79.70% 83.60% 80.10% 80.00% 82.10% 80.90% 82.60% 80.60% 86.40% 86.20% 84.20% 86.40% 79.70%
Southwest Airlines Co N.A. 79.70% 81.60% 76.90% 76.00% 80.40% 80.10% 81.70% 75.00% 82.30% 84.90% 81.90% 84.90% 75.00%
Skywest Inc N.A. 78.20% 77.60% 74.50% 72.30% 77.60% 79.20% 79.40% 78.90% 80.60% 82.50% 82.90% 82.90% 72.30%
Pinnacle Airlines Corp N.A. 74.20% 73.30% 66.10% 64.80% N.A. N.A. N.A. N.A. N.A. N.A. N.A. 74.20% 64.80%
Great Lakes Aviation Ltd N.A. 40.70% 41.10% 39.40% 36.10% 40.10% 39.20% 41.10% 40.30% 41.00% 41.60% 41.80% 41.80% 36.10%

Revenue passenger miles divided by available seat miles (Expressed as a Percentage).

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Airline Comparitives
Paying Passengers * Miles May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10 Nov-10 Oct-10 Sep-10 Aug-10 Jul-10 Jun-10
Total 25,262 71,887 74,380 58,852 65,748 69,363 66,038 71,887 51,475 60,301 62,243 58,470
Delta Air Lines Inc 16,633 15,474 16,144 12,663 14,122 15,036 14,587 16,610 16,111 18,942 19,621 18,533
Domestic 7,862 7,411 7,933 6,157 6,426 7,030 7,165 7,932 7,437 8,830 9,157 8,707
International 6,647 6,074 6,062 4,889 5,956 6,093 5,495 6,590 6,707 7,840 8,088 7,571
Domestic 2,124 1,989 2,149 1,617 1,740 1,913 1,927 2,088 1,967 2,272 2,376 2,254
International (Latin America) 18 18 15 14 16 13 11 13 14 29 32 26
International adj (regional) -18 -18 -15 -14 -16 -13 -11 -13 -14 -29 -32 -26
US Airways Group Inc 5,794 5,137 5,295 4,171 4,628 4,926 4,699 5,202 5,107 5,735 5,919 5,792
US Air Mainline 5,581 4,946 5,098 4,010 4,462 4,740 4,506 4,989 4,910 5,532 5,717 5,592
US Air Express 213 191 197 160 166 185 193 213 197 203 202 201
Alaska Air Group Inc 2,025 2,056 2,171 1,783 1,889 2,033 1,898 1,887 1,830 2,191 2,227 2,060
Alaska Airlines 1,850 1,869 1,967 1,606 1,706 1,827 1,708 1,691 1,637 1,957 1,986 1,832
Horizon Air Industries 175 187 204 177 183 206 190 196 193 234 241 228
Westjet Airlines Ltd 810 927 964 848 854 881 798 770 725 893 871 761
United Continental Holdings Inc N.A. 17,008 17,380 13,747 15,836 16,996 16,149 17,929 N.A. N.A. N.A. N.A.
Mainline N.A. 14,895 15,206 12,078 13,982 14,927 14,120 15,690 N.A. N.A. N.A. N.A.
Regional N.A. 2,113 2,175 1,669 1,854 2,069 2,029 2,239 N.A. N.A. N.A. N.A.
AMR Corp N.A. 11,217 11,451 9,231 10,550 11,080 10,652 11,575 10,780 12,288 12,756 11,983
Mainline - American Airlines N.A. 10,431 10,661 8,626 9,868 10,334 9,903 10,771 10,050 11,512 11,973 11,246
American Eagle Airlines N.A. 742 743 567 639 698 703 760 692 728 731 691
Executive Airlines N.A. 44 47 37 43 48 46 45 38 48 51 45
Southwest Airlines Co N.A. 7,040 7,333 5,637 6,226 6,648 6,507 6,851 6,064 7,121 7,487 7,066
Air Canada N.A. 2,683 2,741 2,317 2,619 2,568 2,123 2,614 2,894 3,414 3,342 2,977
JetBlue Airways Corp N.A. 2,499 2,626 2,083 2,215 2,364 2,285 2,335 2,201 2,742 2,756 2,470
Skywest Inc N.A. 2,351 2,456 1,914 2,078 2,316 2,014 1,642 1,573 1,749 1,787 1,693
AirTran Holdings Inc N.A. 1,763 1,834 1,330 1,366 1,576 1,568 1,570 1,390 1,878 2,003 1,894
Republic Airways Holdings Inc N.A. 1,719 1,802 1,400 1,497 1,637 1,620 1,775 1,723 2,000 2,057 1,979
Branded N.A. 1,053 1,115 853 907 976 942 1,020 1,020 1,214 1,261 1,209
Fixed Fee N.A. 667 687 548 590 661 678 755 703 786 796 770
Hawaiian Holdings Inc N.A. 782 813 739 790 820 718 738 701 840 830 747
Pinnacle Airlines Corp N.A. 737 764 561 624 N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Allegiant Travel Co N.A. 481 591 417 442 469 405 375 363 492 571 503
Great Lakes Aviation Ltd N.A. 12 13 11 12 13 13 14 13 14 14 13

Note: Data In Millions

Total number of revenue-paying passengers aboard the aircraft multiplied by the distance traveled measured in miles (millions).
A revenue passenger-miles/revenue is equal to one paying passenger carried one mile.

1555 N Park Drive Suite 102


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P: 954-349-0800
F: 954-349-1414 Source: Horowitz & Company / Bloomberg
Airline Comparitives
Seats Available * Miles May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10 Nov-10 Oct-10 Sep-10 Aug-10 Jul-10 Jun-10
Total 30,139 89,204 92,405 77,797 86,186 86,056 82,505 86,855 64,137 71,087 72,023 68,245
Delta Air Lines Inc 19,823 19,150 20,263 17,189 18,767 18,780 18,338 19,909 19,530 21,909 22,219 21,129
Domestic 9,122 8,755 9,348 7,824 8,414 8,717 8,781 9,436 9,186 10,094 10,232 9,787
International 8,083 7,845 8,155 7,108 7,861 7,550 7,022 7,841 7,758 8,972 9,136 8,625
Domestic 2,619 2,550 2,760 2,257 2,491 2,513 2,535 2,632 2,586 2,843 2,851 2,717
International (Latin America) 25 25 23 22 25 21 19 22 23 38 41 36
International adj (regional) -25 -25 -23 -22 -25 -21 -19 -22 -23 -38 -41 -36
US Airways Group Inc 6,824 6,251 6,391 5,464 5,953 6,130 5,856 6,241 6,244 6,771 6,952 6,701
US Air Mainline 6,547 5,987 6,112 5,223 5,700 5,867 5,592 5,967 5,977 6,492 6,674 6,432
US Air Express 276 264 279 241 253 263 265 273 267 279 278 270
Alaska Air Group Inc 2,410 2,447 2,509 2,201 2,385 2,397 2,285 2,328 2,262 2,549 2,570 2,455
Alaska Airlines 2,184 2,203 2,251 1,971 2,131 2,135 2,035 2,066 2,008 2,263 2,274 2,167
Horizon Air Industries 226 244 258 230 254 262 250 262 254 286 296 288
Westjet Airlines Ltd 1,082 1,109 1,138 1,015 1,097 1,098 1,027 995 961 1,087 1,079 973
United Continental Holdings Inc N.A. 21,179 21,774 18,079 20,320 20,809 19,955 21,472 N.A. N.A. N.A. N.A.
Mainline N.A. 18,428 18,894 15,772 17,711 18,087 17,325 18,674 N.A. N.A. N.A. N.A.
Regional N.A. 2,751 2,880 2,307 2,609 2,721 2,630 2,798 N.A. N.A. N.A. N.A.
AMR Corp N.A. 13,944 14,400 12,430 14,080 13,852 13,337 13,955 13,571 14,676 14,792 13,920
Mainline - American Airlines N.A. 12,859 13,287 11,532 13,020 12,821 12,310 12,888 12,553 13,614 13,763 12,964
American Eagle Airlines N.A. 1,007 1,029 826 975 948 950 989 946 978 943 878
Executive Airlines N.A. 78 84 72 84 83 78 77 72 84 86 79
Southwest Airlines Co N.A. 8,830 8,982 7,329 8,194 8,270 8,128 8,390 8,084 8,651 8,823 8,627
Air Canada N.A. 3,275 3,446 3,051 3,357 3,176 2,839 3,255 3,521 3,934 3,934 3,515
JetBlue Airways Corp N.A. 3,135 3,143 2,600 2,768 2,880 2,825 2,826 2,731 3,174 3,197 2,933
Skywest Inc N.A. 3,008 3,165 2,569 2,873 2,985 2,543 2,066 1,993 2,169 2,165 2,042
AirTran Holdings Inc N.A. 2,183 2,216 1,730 1,826 1,996 1,946 1,906 1,788 2,222 2,262 2,193
Republic Airways Holdings Inc N.A. 2,180 2,297 1,928 2,112 2,140 2,081 2,198 2,181 2,393 2,379 2,295
Branded N.A. 1,250 1,321 1,113 1,210 1,223 1,166 1,229 1,234 1,384 1,380 1,335
Fixed Fee N.A. 929 976 814 902 918 916 969 947 1,009 999 961
Pinnacle Airlines Corp N.A. 994 1,043 849 962 N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Hawaiian Holdings Inc N.A. 949 956 868 959 971 844 846 818 954 957 869
Allegiant Travel Co N.A. 540 650 466 502 539 468 434 420 565 661 559
Great Lakes Aviation Ltd N.A. 30 32 28 32 32 34 35 33 34 33 32

Note: Data In Millions

Total number of seats available multiplied by the distance traveled measured in miles (millions).
Available seat miles measures the airline flight's passenger carrying capacity.

1555 N Park Drive Suite 102


www.horowitzandcompany.com
P: 954-349-0800
F: 954-349-1414 Source: Horowitz & Company / Bloomberg
Airline Comparitives
Total Passengers Carried May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10 Nov-10 Oct-10 Sep-10 Aug-10 Jul-10 Jun-10
Average 7.28 4.49 4.72 3.72 4.01 4.59 4.51 4.76 3.82 4.37 4.52 4.32
Delta Air Lines Inc 14.37 13.47 14.22 10.97 11.57 12.71 12.87 14.12 13.22 15.18 15.77 15.07
US Airways Group Inc 5.43 5.06 5.36 4.34 4.60 4.91 4.90 5.26 4.90 5.35 5.37 5.31
US Air Mainline 4.71 4.40 4.69 3.78 4.03 4.28 4.23 4.50 4.20 4.62 4.67 4.59
US Air Express 0.72 0.66 0.67 0.55 0.57 0.63 0.68 0.76 0.70 0.72 0.71 0.72
Alaska Air Group Inc 2.03 2.02 2.14 1.76 1.85 2.03 1.90 1.92 1.88 2.24 2.26 2.11
Alaska Airlines 1.48 1.47 1.54 1.25 1.32 1.44 1.35 1.35 1.34 1.60 1.62 1.50
Horizon Air Industries 0.55 0.55 0.60 0.51 0.54 0.59 0.55 0.56 0.54 0.64 0.65 0.61
United Continental Holdings Inc N/A 11.70 12.26 9.67 10.67 11.72 11.49 12.43 N/A N/A N/A N/A
Mainline N/A 7.97 8.37 6.67 7.38 8.06 7.83 8.43 N/A N/A N/A N/A
Regional N/A 3.73 3.88 3.00 3.29 3.66 3.66 4.00 N/A N/A N/A N/A
AMR Corp N/A 8.76 9.09 7.26 8.15 8.72 8.48 9.03 8.26 9.39 9.76 9.28
Mainline - American Airlines N/A 7.12 7.42 5.98 6.71 7.14 6.87 7.30 6.69 7.71 8.06 7.65
American Eagle Airlines N/A 1.42 1.43 1.09 1.23 1.34 1.38 1.50 1.38 1.43 1.43 1.38
Executive Airlines N/A 0.23 0.24 0.20 0.22 0.24 0.24 0.23 0.19 0.25 0.27 0.25
Southwest Airlines Co N/A 7.52 7.93 6.33 6.85 7.30 7.36 7.79 6.93 7.78 8.17 7.91
Skywest Inc N/A 4.54 4.77 3.77 4.02 4.47 3.96 3.31 3.18 3.50 3.58 3.41
Republic Airways Holdings Inc N/A 2.56 2.67 2.09 2.23 2.47 2.50 2.78 2.66 2.99 3.05 2.98
Fixed Fee N/A 1.37 1.41 1.13 1.21 1.34 1.40 1.57 1.46 1.58 1.59 1.56
Branded N/A 1.18 1.26 0.96 1.03 1.13 1.09 1.21 1.20 1.41 1.46 1.42
JetBlue Airways Corp N/A 2.18 2.31 1.82 1.91 2.04 1.99 2.01 1.87 2.34 2.36 2.09
AirTran Holdings Inc N/A 2.13 2.23 1.67 1.70 2.01 2.04 2.08 1.82 2.28 2.44 2.32
Pinnacle Airlines Corp N/A 1.66 1.76 1.25 1.37 N/A N/A N/A N/A N/A N/A N/A
Hawaiian Holdings Inc N/A 0.68 0.73 0.67 0.69 0.72 0.68 0.70 0.66 0.79 0.81 0.73
Allegiant Travel Co N/A 0.52 0.62 0.45 0.48 0.51 0.44 0.41 0.39 0.54 0.63 0.55
Great Lakes Aviation Ltd N/A 0.04 0.04 0.04 0.04 0.04 0.04 0.05 0.04 0.05 0.05 0.04

Note: Data In Millions

Total number of passengers carried in the period.

1555 N Park Drive Suite 102


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P: 954-349-0800
F: 954-349-1414 Source: Horowitz & Company / Bloomberg

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