| x      | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934  |
|--------|------------------------------------------------------------------------------------------|
|   | For the quarterly period ended June 30, 2009                                             |
|   | or                                                                                       |
|  ̈ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|   | For the transition period from__________ to__________                                    |

| Delaware(State or other jurisdictionof incorporation or organization)                    | 03-0376558(I.R.S. EmployerIdentification No.) |
|------------------------------------------------------------------------------------------|-----------------------------------------------|
|                                                                                     |                                          |
| 1689 Nonconnah Blvd, Suite 111Memphis, Tennessee(Address of principal executive offices) |   38132(Zip Code)                   |

| Yes x |   | No  ̈ |
|-------|--------|-----------|

| Yes  ̈ |   | No  ̈ |
|------------|--------|-----------|

| Large accelerated filer  ̈ | Accelerated filer x              |
|--------------------------------|----------------------------------|
|                           |                             |
| Non-accelerated filer  ̈   | Smaller reporting company  ̈ |

| Yes  ̈ |   | No x |
|------------|--------|------|

----

| Part I. Financial Information                                                                                  |   |
|----------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                           |   |
| Item 1. Financial Statements                                                                                   |   |
|                                                                                                           |   |
| Condensed Consolidated Statements of Operations (Unaudited)************************                            | 3      |
|                                                                                                           |   |
| Condensed Consolidated Balance Sheets (Unaudited)********************************                              | 5      |
|                                                                                                           |   |
| Condensed Consolidated Statements of Cash Flows (Unaudited)***********************                             | 6      |
|                                                                                                           |   |
| Notes to Condensed Consolidated Financial Statements (Unaudited) *******************                           | 7      |
|                                                                                                           |   |
|                                                                                                           |   |
| Item 2.  Management’s Discussion and Analysis of Results of Operations and Financial Condition | 21     |
|                                                                                                           |   |
| Item 3.  Quantitative and Qualitative Disclosures about Market Risk************************          | 37     |
|                                                                                                           |   |
| Item 4.  Controls and Procedures****************************************************                 | 38     |
|                                                                                                           |   |
| Part II.  Other Information                                                                          |   |
|                                                                                                           |   |
| Item 1.  Legal Proceedings*********************************************************                  | 38     |
|                                                                                                           |   |
| Item 1A.  Risk Factors************************************************************                   | 38     |
|                                                                                                           |   |
| Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds***********************          | 38     |
|                                                                                                           |   |
| Item 3.  Defaults Upon Senior Securities**********************************************               | 38     |
|                                                                                                           |   |
| Item 4.  Submission of Matters to a Vote of Security Holders*****************************            | 39     |
|                                                                                                           |   |
| Item 5.  Other Information*********************************************************                  | 39     |
|                                                                                                           |   |
| Item 6.  Exhibits*****************************************************************                   | 40     |
|                                                                                                           |   |

----

Condensed Consolidated Statements of Operations (Unaudited)

|                                                       |   | Three Months Ended June 30, |    |
|------------------------------------------------------------|--------|-----------------------------|---------|
|                                                       |   | 2009                        |    |   | 2008 |   |
|                                                       |   |                        |    |   | (Restated) |   |
| Operating revenues                                         |   |                        |    |   |   |   |
| Regional airline services                                  |   | $                           | 209,212 |   |   | $ | 219,013 |   |
| Other                                                      |   |                        | 2,051   |   |   |   | 2,141 |   |
| Total operating revenues                                   |   |                        | 211,263 |   |   |   | 221,154 |   |
| Operating expenses                                         |   |                        |    |   |   |   |   |   |
| Salaries, wages and benefits                               |   |                        | 55,757  |   |   |   | 55,761 |   |
| Aircraft rentals                                           |   |                        | 30,094  |   |   |   | 32,507 |   |
| Ground handling services                                   |   |                        | 22,196  |   |   |   | 23,672 |   |
| Aircraft maintenance, materials and repairs                |   |                        | 24,800  |   |   |   | 23,775 |   |
| Other rentals and landing fees                             |   |                        | 17,925  |   |   |   | 17,310 |   |
| Aircraft fuel                                              |   |                        | 5,254   |   |   |   | 14,899 |   |
| Commissions and passenger related expense                  |   |                        | 5,227   |   |   |   | 7,430 |   |
| Depreciation and amortization                              |   |                        | 8,782   |   |   |   | 6,609 |   |
| Other                                                      |   |                        | 17,512  |   |   |   | 24,106 |   |
| Impairment and aircraft retirement charges                 |   |                        | 1,533   |   |   |   | 12,619 |   |
| Total operating expenses                                   |   |                        | 189,080 |   |   |   | 218,688 |   |
|                                                       |   |                        |    |   |   |   |   |   |
| Operating income                                           |   |                        | 22,183  |   |   |   | 2,466 |   |
|                                                       |   |                        |    |   |   |   |   |   |
| Operating income as a percentage of operating revenues     |   |                        | 10.5    | % |   |   | 1.1 | % |
| Nonoperating (expense) income                              |   |                        |    |   |   |   |   |   |
| Interest income                                            |   |                        | 759     |   |   |   | 1,724 |   |
| Interest expense                                           |   |                        | (12,930 | ) |   |   | (11,241 | ) |
| Net investment loss                                        |   |                        | (334    | ) |   |   | (8,675 | ) |
| Miscellaneous (expense) income , net                       |   |                        | (12     | ) |   |   | 148 |   |
| Total nonoperating expense                                 |   |                        | (12,517 | ) |   |   | (18,044 | ) |
| Income (loss) before income taxes                          |   |                        | 9,666   |   |   |   | (15,578 | ) |
| Income tax (expense) benefit                               |   |                        | (3,673  | ) |   |   | 2,664 |   |
| Net income (loss)                                          |   | $                           | 5,993   |   |   | $ | (12,914 | ) |
|                                                       |   |                        |    |   |   |   |   |   |
| Basic and diluted earnings (loss) per share                |   | $                           | 0.33    |   |   | $ | (0.72 | ) |
|                                                       |   |                        |    |   |   |   |   |   |
| Shares used in computing basic earnings (loss) per share   |   |                        | 17,970  |   |   |   | 17,869 |   |
| Shares used in computing diluted earnings (loss) per share |   |                        | 17,979  |   |   |   | 17,869 |   |

----

|                                                       |   | Six Months Ended June 30, |    |
|------------------------------------------------------------|--------|---------------------------|---------|
|                                                       |   | 2009                      |    |   | 2008 |   |
|                                                       |   |                      |    |   | (Restated) |   |
| Operating revenues                                         |   |                      |    |   |   |   |
| Regional airline services                                  |   | $                         | 415,136 |   |   | $ | 420,172 |   |
| Other                                                      |   |                      | 3,949   |   |   |   | 5,323 |   |
| Total operating revenues                                   |   |                      | 419,085 |   |   |   | 425,495 |   |
| Operating expenses                                         |   |                      |    |   |   |   |   |   |
| Salaries, wages and benefits                               |   |                      | 112,597 |   |   |   | 109,204 |   |
| Aircraft rentals                                           |   |                      | 60,586  |   |   |   | 66,028 |   |
| Ground handling services                                   |   |                      | 48,658  |   |   |   | 51,061 |   |
| Aircraft maintenance, materials and repairs                |   |                      | 49,489  |   |   |   | 45,649 |   |
| Other rentals and landing fees                             |   |                      | 36,328  |   |   |   | 32,754 |   |
| Aircraft fuel                                              |   |                      | 9,771   |   |   |   | 26,772 |   |
| Commissions and passenger related expense                  |   |                      | 10,054  |   |   |   | 14,255 |   |
| Depreciation and amortization                              |   |                      | 17,363  |   |   |   | 10,980 |   |
| Other                                                      |   |                      | 33,141  |   |   |   | 46,922 |   |
| Impairment and aircraft retirement charges                 |   |                      | 1,980   |   |   |   | 12,619 |   |
| Total operating expenses                                   |   |                      | 379,967 |   |   |   | 416,244 |   |
|                                                       |   |                      |    |   |   |   |   |   |
| Operating income                                           |   |                      | 39,118  |   |   |   | 9,251 |   |
|                                                       |   |                      |    |   |   |   |   |   |
| Operating income as a percentage of operating revenues     |   |                      | 9.3     | % |   |   | 2.2 | % |
| Nonoperating (expense) income                              |   |                      |    |   |   |   |   |   |
| Interest income                                            |   |                      | 1,665   |   |   |   | 4,038 |   |
| Interest expense                                           |   |                      | (22,723 | ) |   |   | (18,437 | ) |
| Net investment loss                                        |   |                      | (289    | ) |   |   | (8,675 | ) |
| Miscellaneous income (expense), net                        |   |                      | 344     |   |   |   | (26 | ) |
| Total nonoperating expense                                 |   |                      | (21,003 | ) |   |   | (23,100 | ) |
| Income (loss) before income taxes                          |   |                      | 18,115  |   |   |   | (13,849 | ) |
| Income tax benefit                                         |   |                      | 6,721   |   |   |   | 2,171 |   |
| Net income (loss)                                          |   | $                         | 24,836  |   |   | $ | (11,678 | ) |
|                                                       |   |                      |    |   |   |   |   |   |
| Basic and diluted earnings (loss) per share                |   | $                         | 1.38    |   |   | $ | (0.65 | ) |
|                                                       |   |                      |    |   |   |   |   |   |
| Shares used in computing basic earnings (loss) per share   |   |                      | 17,968  |   |   |   | 17,864 |   |
| Shares used in computing diluted earnings (loss) per share |   |                      | 17,974  |   |   |   | 17,864 |   |

----

Condensed Consolidated Balance Sheets

|                                                                                                                                            |   |          |      |   |                                                                                |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|--------|-------------------------------------------------------------------------------------|--------|
|                                                                                                                                            |   | June 30, 2009 |      |   | December 31, 2008                                                                   |   |
| Assets                                                                                                                                          |   | (Unaudited)   |      |   |              (Restated) |   |
| Current assets                                                                                                                                  |   |          |      |   |                                                                                |   |
| Cash and cash equivalents                                                                                                                       |   | $             | 94,209    |   |                                                                                | $      | 69,469 |   |
| Restricted cash                                                                                                                                 |   |          | 4,758     |   |                                                                                |   | 5,417 |   |
| Receivables, net                                                                                                                                |   |          | 30,420    |   |                                                                                |   | 31,619 |   |
| Spare parts and supplies, net                                                                                                                   |   |          | 17,827    |   |                                                                                |   | 17,106 |   |
| Prepaid expenses and other assets                                                                                                               |   |          | 6,136     |   |                                                                                |   | 8,160 |   |
| Assets held for sale                                                                                                                            |   |          | 1,020     |   |                                                                                |   | 2,786 |   |
| Deferred income taxes, net of allowance                                                                                                         |   |          | 10,495    |   |                                                                                |   | 13,908 |   |
| Income taxes receivable                                                                                                                         |   |          | 33,708    |   |                                                                                |   | 31,117 |   |
| Total current assets                                                                                                                            |   |          | 198,573   |   |                                                                                |   | 179,582 |   |
| Property and equipment                                                                                                                          |   |          |      |   |                                                                                |   |   |   |
| Flight equipment                                                                                                                                |   |          | 754,831   |   |                                                                                |   | 721,499 |   |
| Aircraft pre-delivery payments                                                                                                                  |   |          | 10,022    |   |                                                                                |   | 5,721 |   |
| Other property and equipment                                                                                                                    |   |          | 46,480    |   |                                                                                |   | 46,218 |   |
| Less accumulated depreciation                                                                                                                   |   |          | (69,381   | )      |                                                                                |   | (53,507 | ) |
| Net property and equipment                                                                                                                      |   |          | 741,952   |   |                                                                                |   | 719,931 |   |
|                                                                                                                                            |   |          |      |   |                                                                                |   |   |   |
| Investments                                                                                                                                     |   |          | 116,433   |   |                                                                                |   | 116,900 |   |
| Deferred income taxes, net of allowance                                                                                                         |   |          | 588       |   |                                                                                |   | 40,847 |   |
| Other assets                                                                                                                                    |   |          | 329,141   |   |                                                                                |   | 33,724 |   |
| Debt issuance costs, net                                                                                                                        |   |          | 3,409     |   |                                                                                |   | 3,711 |   |
| Goodwill                                                                                                                                        |   |          | 18,422    |   |                                                                                |   | 18,422 |   |
| Intangible assets, net                                                                                                                          |   |          | 13,751    |   |                                                                                |   | 14,585 |   |
| Total assets                                                                                                                                    |   | $             | 1,422,269 |   |                                                                                | $      | 1,127,702 |   |
|                                                                                                                                            |   |          |      |   |                                                                                |   |   |   |
| Liabilities and stockholders’ equity                                                                                                      |   |          |      |   |                                                                                |   |   |   |
| Current liabilities                                                                                                                             |   |          |      |   |                                                                                |   |   |   |
| Current maturities of long-term debt                                                                                                            |   | $             | 33,878    |   |                                                                                | $      | 32,116 |   |
| Bank line of credit                                                                                                                             |   |          | -         |   |                                                                                |   | 8,275 |   |
| Credit facility                                                                                                                                 |   |          | 85,767    |   |                                                                                |   | - |   |
| Senior convertible notes                                                                                                                        |   |          | 102,504   |   |                                                                                |   | 10,754 |   |
| Pre-delivery payment facility                                                                                                                   |   |          | -         |   |                                                                                |   | 4,075 |   |
| Accounts payable                                                                                                                                |   |          | 25,579    |   |                                                                                |   | 30,431 |   |
| Deferred revenue                                                                                                                                |   |          | 24,363    |   |                                                                                |   | 23,851 |   |
| Accrued expenses and other current liabilities                                                                                                  |   |          | 54,513    |   |                                                                                |   | 74,669 |   |
| Total current liabilities                                                                                                                       |   |          | 326,604   |   |                                                                                |   | 184,171 |   |
|                                                                                                                                            |   |          |      |   |                                                                                |   |   |   |
| Senior convertible notes                                                                                                                        |   |          | -         |   |                                                                                |   | 97,683 |   |
| Noncurrent pre-delivery payment facility                                                                                                        |   |          | 4,910     |   |                                                                                |   | - |   |
| Long-term debt, less current maturities                                                                                                         |   |          | 513,741   |   |                                                                                |   | 502,741 |   |
| Credit facility                                                                                                                                 |   |          | -         |   |                                                                                |   | 90,000 |   |
| Deferred revenue, net of current portion                                                                                                        |   |          | 185,349   |   |                                                                                |   | 192,191 |   |
| Other liabilities                                                                                                                               |   |          | 303,597   |   |                                                                                |   | 5,182 |   |
|                                                                                                                                            |   |          |      |   |                                                                                |   |   |   |
| Commitments and contingencies                                                                                                                   |   |          |      |   |                                                                                |   |   |   |
|                                                                                                                                            |   |          |      |   |                                                                                |   |   |   |
| Stockholders’ equity                                                                                                                      |   |          |      |   |                                                                                |   |   |   |
|      Common stock, $0.01 par value; 40,000,000 shares authorized;22,792,426 and 22,514,782 shares issued, respectively |   |          | 228       |   |                                                                                |   | 225 |   |
|      Treasury stock, at cost, 4,450,092 shares                                                                         |   |          | (68,152   | )      |                                                                                |   | (68,152 | ) |
|      Additional paid-in capital                                                                                        |   |          | 120,803   |   |                                                                                |   | 119,610 |   |
|      Accumulated other comprehensive loss                                                                              |   |          | (10,870   | )      |                                                                                |   | (17,172 | ) |
|      Retained earnings                                                                                                 |   |          | 46,059    |   |                                                                                |   | 21,223 |   |
| Total stockholders’ equity                                                                                                                |   |          | 88,068    |   |                                                                                |   | 55,734 |   |
| Total liabilities and stockholders’ equity                                                                                                |   | $             | 1,422,269 |   |                                                                                | $      | 1,127,702 |   |

----

Condensed Consolidated Statements of Cash Flows (Unaudited)

|                                                                                                                                                  |   | Six Months Ended June 30, |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|---------|
|                                                                                                                                                  |   | 2009                      |    |   | 2008 |   |
| Operating activities                                                                                                                                  |   |                      |    |   | (Restated) |   |
|                                                                                                                                                  |   |                      |    |   |   |   |   |   |
| Net income (loss)                                                                                                                                     |   | $                         | 24,836  |   |   | $ | (11,678 | ) |
| Adjustments to reconcile net income to cash provided by operating activities:                                                                         |   |                      |    |   |   |   |   |   |
| Impairment charges                                                                                                                                    |   |                      | -       |   |   |   | 10,557 |   |
| Depreciation and amortization                                                                                                                         |   |                      | 20,260  |   |   |   | 12,232 |   |
| Loss on ineffective portion of derivative                                                                                                             |   |                      | 1,424   |   |   |   | - |   |
| Net investment loss                                                                                                                                   |   |                      | 334     |   |   |   | 8,675 |   |
| Interest accretion, net                                                                                                                               |   |                      | 3,948   |   |   |   | 4,696 |   |
| Gain on debt extinguishment                                                                                                                           |   |                      | (1,861  | ) |   |   | - |   |
| Excess of insurance proceeds over cost basis of aircraft                                                                                              |   |                      | (842    | ) |   |   | - |   |
| Deferred income taxes                                                                                                                                 |   |                      | 42,255  |   |   |   | 5,538 |   |
| Recognition of deferred revenue                                                                                                                       |   |                      | (11,600 | ) |   |   | (12,500 | ) |
| Other                                                                                                                                                 |   |                      | 4,921   |   |   |   | 4,901 |   |
| Changes in operating assets and liabilities:                                                                                                          |   |                      |    |   |   |   |   |   |
| Restricted cash                                                                                                                                       |   |                      | 659     |   |   |   | 379 |   |
| Receivables                                                                                                                                           |   |                      | 1,200   |   |   |   | (3,576 | ) |
| Prepaid expenses and other assets                                                                                                                     |   |                      | (588    | ) |   |   | (1,074 | ) |
| Insurance proceeds                                                                                                                                    |   |                      | 2,350   |   |   |   | 1,606 |   |
| Hedge related payments                                                                                                                                |   |                      | -       |   |   |   | (20,463 | ) |
| Spare parts and supplies                                                                                                                              |   |                      | (1,898  | ) |   |   | (4,769 | ) |
| Income taxes receivable                                                                                                                               |   |                      | (2,591  | ) |   |   | (11,149 | ) |
| Accounts payable and accrued expenses                                                                                                                 |   |                      | (5,969  | ) |   |   | 12,924 |   |
| Change in unrecognized tax benefits and related interest                                                                                              |   |                      | (19,356 | ) |   |   | - |   |
| Increase in deferred revenue                                                                                                                          |   |                      | 5,270   |   |   |   | 2,742 |   |
|                  Cash provided by (used in) operating activities |   |                      | 62,752  |   |   |   | (959 | ) |
| Investing activities                                                                                                                                  |   |                      |    |   |   |   |   |   |
| Purchases of property and equipment                                                                                                                   |   |                      | (5,498  | ) |   |   | (19,505 | ) |
| Insurance proceeds related to property and equipment                                                                                                  |   |                      | 3,576   |   |   |   | - |   |
| Proceeds from sales of property and equipment                                                                                                         |   |                      | -       |   |   |   | 142 |   |
| Purchases of auction rate securities                                                                                                                  |   |                      | -       |   |   |   | (82,200 | ) |
| Proceeds from auction rate securities redemptions and sales                                                                                           |   |                      | 5,650   |   |   |   | 132,950 |   |
|                   Cash provided by investing activities     |   |                      | 3,728   |   |   |   | 31,387 |   |
| Financing activities                                                                                                                                  |   |                      |    |   |   |   |   |   |
| Proceeds from debt                                                                                                                                    |   |                      | 526     |   |   |   | 91,810 |   |
| Payments on debt, bank line of credit, credit facility and pre-delivery    payment facility                                       |   |                      | (41,352 | ) |   |   | (61,462 | ) |
| Purchase of Series A Preferred Share                                                                                                                  |   |                      | -       |   |   |   | (20,000 | ) |
| Other financing activities                                                                                                                            |   |                      | (914    | ) |   |   | (2,333 | ) |
|                  Cash (used in) provided by financing activities |   |                      | (41,740 | ) |   |   | 8,015 |   |
| Net increase in cash and cash equivalents                                                                                                             |   |                      | 24,740  |   |   |   | 38,443 |   |
| Cash and cash equivalents at beginning of period                                                                                                      |   |                      | 69,469  |   |   |   | 26,785 |   |
| Cash and cash equivalents at end of period                                                                                                            |   | $                         | 94,209  |   |   | $ | 65,228 |   |
| Noncash investing and financing activities                                                                                                            |   |                      |    |   |   |   |   |   |
|  Property and equipment acquired through the issuance of debt                                                                                    |   | $                         | 48,477  |   |   | $ | 331,345 |   |
|  Debt retired with insurance proceeds                                                                                                            |   |                      | 15,424  |   |   |   | - |   |
|  Unrealized gain on auction rate securities                                                                                                      |   |                      | (4,598  | ) |   |   | - |   |

----

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

| 1.    Description of Business        | 7.    Earnings (Loss) Per Share    |
|----------------------------------------------------------|--------------------------------------------------------|
| 2.    Liquidity Discussion           | 8.    Share-Based Compensation     |
| 3.    Code-share Agreements with Partners | 9.    Income Taxes                 |
| 4.    Borrowings                     | 10.  Investments and Fair Value Measurements |
| 5.    Derivatives                         | 11.  Commitments and Contingencies           |
| 6.    Comprehensive Income (Loss)    | 12.  Segment Reporting                       |

1.  Description of Business and Basis of Presentation

----

2.  Liquidity Discussion

----

3.  Code-Share Agreements with Partners

|                                |   | Three Months Ended June 30, 2009                |
|-------------------------------------|--------|-------------------------------------------------|
|                                |   | Percentage of Regional Airline Services Revenue |
| Source of Revenue                   |   | Capacity Purchase Agreements               |   | Pro-Rate Agreements |   | Total |
| Delta                               |   | 73%                                             |   | - |   | 73% |
| Continental                         |   | 8%                                              |   | 7% |   | 15% |
| US Airways                          |   | -                                               |   | 4% |   | 4% |
| United                              |   | -                                               |   | 6% |   | 6% |
| Essential Air Service               |   | -                                               |   | 2% |   | 2% |
|      Total |   | 81%                                             |   | 19% |   | 100% |

|                                |   | Six Months Ended June 30, 2009                  |
|-------------------------------------|--------|-------------------------------------------------|
|                                |   | Percentage of Regional Airline Services Revenue |
| Source of Revenue                   |   | Capacity Purchase Agreements                    |   | Pro-Rate Agreements |   | Total |
| Delta                               |   | 74%                                             |   | - |   | 74% |
| Continental                         |   | 8%                                              |   | 7% |   | 15% |
| US Airways                          |   | -                                               |   | 4% |   | 4% |
| United                              |   | -                                               |   | 5% |   | 5% |
| Essential Air Service               |   | -                                               |   | 2% |   | 2% |
|      Total |   | 82%                                             |   | 18% |   | 100% |

4.  Borrowings 

----

|                             |   | Three Months Ended June 30, 2008                                                                                                                       |
|----------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|                             |   |  As Reported                                                                                                                                      |   | Adjustments |   | Restated |
| Operating income                 |   | $                        2,466 |   | $                                - |   | $                       2,466 |
|                             |   |                                                                                                                                                   |   |   |   |   |
| Nonoperating (expense) income    |   |                                                                                                                                                   |   |   |   |   |
| Interest income                  |   | 1,724                                                                                                                                                  |   | - |   | 1,724 |
| Interest expense                 |   | (8,816)                                                                                                                                                |   | (2,425) |   | (11,241) |
| Net investment loss              |   | (8,675)                                                                                                                                                |   | - |   | (8,675) |
| Miscellaneous income             |   | 148                                                                                                                                                    |   | - |   | 148 |
| Total nonoperating expense       |   | (15,619)                                                                                                                                               |   | (2,425) |   | (18,044) |
| Loss before income taxes         |   | (13,153)                                                                                                                                               |   | (2,425) |   | (15,578) |
| Income tax benefit               |   | 1,702                                                                                                                                                  |   | 962 |   | 2,664 |
| Net loss                         |   | $                   (11,451)                            |   | $                     (1,463) |   | $                  (12,914) |
|                             |   |                                                                                                                                                   |   |   |   |   |
| Basic and diluted loss per share |   | $                       (0.64)      |   | $                       (0.08) |   | $                      (0.72) |

----

|                             |   | Six Months Ended June 30, 2008                                                                                                                         |
|----------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|                             |   |  As Reported                                                                                                                                      |   | Adjustments |   | Restated |
| Operating income                 |   | $                        9,251 |   | $                                - |   | $                       9,251 |
|                             |   |                                                                                                                                                   |   |   |   |   |
| Nonoperating (expense) income    |   |                                                                                                                                                   |   |   |   |   |
| Interest income                  |   | 4,038                                                                                                                                                  |   | - |   | 4,038 |
| Interest expense                 |   | (13,663)                                                                                                                                               |   | (4,774) |   | (18,437) |
| Net investment loss              |   | (8,675)                                                                                                                                                |   | - |   | (8,675) |
| Miscellaneous expense            |   | (26)                                                                                                                                                   |   | - |   | (26) |
| Total nonoperating expense       |   | (18,326)                                                                                                                                               |   | (4,774) |   | (23,100) |
| Loss before income taxes         |   | (9,075)                                                                                                                                                |   | (4,774) |   | (13,849) |
| Income tax benefit               |   | 277                                                                                                                                                    |   | 1,894 |   | 2,171 |
| Net loss                         |   | $                     (8,798)                 |   | $                     (2,880) |   | $                  (11,678) |
|                             |   |                                                                                                                                                   |   |   |   |   |
| Basic and diluted loss per share |   | $                       (0.49)      |   | $                       (0.16) |   | $                      (0.65) |

|                                             |   | As of December 31, 2008                                                                                                                     |
|--------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|
|                                             |   |  As Reported                                                                                                                           |   | Adjustments |   |  Restated |
| Current deferred tax asset                       |   | $                      14,338 |   | $                        (430) |   | $                       13,908 |
| Total current assets                             |   | 180,012                                                                                                                                     |   | (430) |   | 179,582 |
|                                             |   |                                                                                                                                        |   |   |   |   |
| Net property and equipment                       |   | 717,971                                                                                                                                     |   | 1,959 |   | 719,930 |
| Noncurrent deferred tax asset                    |   | 45,004                                                                                                                                      |   | (4,157) |   | 40,847 |
| Debt issuance costs, net                         |   | 6,505                                                                                                                                       |   | (2,794) |   | 3,711 |
| Total assets                                     |   | 1,133,122                                                                                                                                   |   | (5,420) |   | 1,127,702 |
|                                             |   |                                                                                                                                        |   |   |   |   |
| Senior convertible notes                         |   | 121,000                                                                                                                                     |   | (12,563) |   | 108,437 |
|                                             |   |                                                                                                                                        |   |   |   |   |
| Additional paid-in capital                       |   | 93,812                                                                                                                                      |   | 25,798 |   | 119,610 |
| Retained earnings                                |   | 39,878                                                                                                                                      |   | (18,655) |   | 21,223 |
| Total liabilities and stockholders’ equity |   | $                 1,133,122                            |   | $                    (5,420) |   | $                  1,127,702 |

----

|                                                                            | Three Months Ended June 30, |   | Six Months Ended June 30, |
|---------------------------------------------------------------------------------|-----------------------------|--------|---------------------------|
|                                                                            | 2009                        |   | 2008                      |   | 2009 |   | 2008 |
| Effective interest rate on liability component                                  | 13.5%                       |   | 13.5%                     |   | 13.5% |   | 13.5% |
| Interest cost recognized as amortization of the discount of liability component | 2,449                       |   | 2,386                     |   | 4,867 |   | 4,696 |
| Cash interest cost recognized (coupon interest)                                 | 886                         |   | 983                       |   | 1,778 |   | 1,966 |

----

5.  Derivatives

| Three Months Ended June 30, |   | Amount of Loss Reclassifiedfrom OCI into Income(Effective Portion) (2)                                                                                                                           |   | Amount of Loss Recognizedin Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)                                                                                                                                                            |
|-----------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2009                        |   | $                               (782) |   | $                                             - |
| 2008                        |   | $                               (587) |   | $                                             - |

| Six Months Ended June 30, |   | Amount of Loss Reclassifiedfrom OCI into Income(Effective Portion) (2)                                                                                                                           |   | Amount of Loss Recognizedin Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)                                                                                                                                                            |
|---------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2009                      |   | $                            (1,598)                 |   | $                               (1,424)(1)                                                                            |
| 2008                      |   | $                               (784) |   | $                                             - |

| (1) | This charge is related to the debt that financed the Q400 aircraft that was destroyed in an accident during the three months ended March 31, 2009.  The associated debt was repaid during the first quarter of 2009.  This loss is included in miscellaneous nonoperating expense in the Company’s condensed consolidatedstatement of operations for the six months ended June 30, 2009. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Derivatives classified as cash flow hedges include interest rate swaps.  Amounts reclassified from OCI into income are recorded in interest expense within the Company’s condensed consolidated statements of operations.                                                                                                                                                                          |

----

6.  Comprehensive Income (Loss)

|                                                                                                                                                                               |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|--------|---------------------------|--------|
|                                                                                                                                                                               |   | 2009                        |   |   | 2008                      |   |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                               |   |                        |   |   | (Restated)                |   |   |   |   |   | (Restated) |   |
|                                                                                                                                                                               |   |                        |   |   |                      |   |   |   |   |   |   |   |
| Net income (loss)                                                                                                                                                                  |   | $                           | 5,993  |   |                      | $      | (12,914 | ) |   | $ |  24,836 |   |   | $ |  (11,678 | ) |
| Adjustments:                                                                                                                                                                       |   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Retired Pilots’ Insurance Benefit Plan   unrealized actuarial gain, net of tax of   $4 and $8 in 2009 and $27 and   $31 in 2008 |   |                        | (5     | )      |                      |   | (47 | ) |   |   | (12 | ) |   |   | (53 | ) |
| Change in cash flow hedge unrealized    loss, net of tax of $262 and $1,042 in    2009 and $2,903 and $3,799 in 2008                       |   |                        | 468    |   |                      |   | 4,448 |   |   |   | 1,910 |   |   |   | (5,820 | ) |
| Unrealized gain on investments, net of tax    of $194 in 2009 and $3,953 and    $0 in 2008                                                 |   |                        | 4,404  |   |                      |   | 6,002 |   |   |   | 4,404 |   |   |   | - |   |
| Total comprehensive income (loss)                                                                                                                                                  |   | $                           | 10,860 |   |                      | $      | (2,511 | ) |   | $ |  31,138 |   |   | $ |  (17,551 | ) |

7.  Earnings (Loss) Per Share

|                                                                         |   | Three Months EndedJune 30, |   |   | Six Months EndedJune 30, |   |
|------------------------------------------------------------------------------|--------|----------------------------|--------|--------|--------------------------|--------|
|                                                                         |   | 2009                       |   |   | 2008                     |   |   | 2009 |   |   | 2008 |   |
|                                                                         |   |                       |   |   | (Restated)               |   |   |   |   |   | (Restated) |   |
|                                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |
| Net income (loss)                                                            |   | $                          | 5,993  |   |                     | $      | (12,914 | ) |   | $ | 24,836 |   |   | $ | (11,678 | ) |
| Basic earnings (loss) per share                                              |   | $                          | 0.33   |   |                     | $      | (0.72 | ) |   | $ | 1.38 |   |   | $ | (0.65 | ) |
| Diluted earnings (loss) per share                                            |   | $                          | 0.33   |   |                     | $      | (0.72 | ) |   | $ | 1.38 |   |   | $ | (0.65 | ) |
|                                                                         |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Share computation:                                                           |   |                       |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of shares outstanding for basic earnings per share   |   |                       | 17,970 |   |                     |   | 17,869 |   |   |   | 17,968 |   |   |   | 17,864 |   |
| Senior convertible notes                                                     |   |                       | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |
| Share-based compensation (1)                                                 |   |                       | 9      |   |                     |   | - |   |   |   | 6 |   |   |   | - |   |
| Weighted average number of shares outstanding for diluted earnings per share |   |                       | 17,979 |   |                     |   | 17,869 |   |   |   | 17,974 |   |   |   | 17,864 |   |

| (1) | During the three months ended June 30, 2009 and 2008 options to acquire 1,725 and 919 shares, respectively, were excluded from the computation of diluted EPS as their impact was anti-dilutive. During the six months ended June 30, 2009 and 2008 options to acquire 1,678 and 927 shares, respectively, were excluded from the computation of dilutedEPS as their impact was anti-dilutive. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

8.  Share-Based Compensation

|                            |   |   | 2009                                                                                                                                                                                                                                                          |
|---------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Expected price volatility       |   |   |  58.3%                                                                                                                                                                                                                                                   |
| Risk-free interest rate         |   |   |    1.4%                                                                                                                                                                                                                                             |
| Expected lives (years)          |   |   | 5.0                                                                                                                                                                                                                                                           |
| Dividend yield                  |   |   |    0.0%                                                                                                                                                                                                                                        |
| Expected annual forfeiture rate |   |   |    4.0%                                                                                                                                                                                                                                        |
| Exercise price of option grants |   |   |                                           $ 2.65 |
| Fair value of option grants     |   |   |                                           $ 1.33 |

|                                 |   | Stock Options                                                               |
|--------------------------------------|--------|-----------------------------------------------------------------------------|
|                                 |   | Shares                                                                      |   | Weighted Average Exercise Price |   | Weighted AverageRemaining Life |   | Aggregate Intrinsic Value |
| Outstanding at January 1, 2009       |   | 1,106                                                                       |   | $                 13.09 |   |   |   |   |
| Granted                              |   | 626                                                                         |   | 2.65 |   |   |   |   |
| Exercised                            |   | -                                                                           |   | - |   |   |   |   |
| Expired                              |   | (5)                                                                         |   | 11.59 |   |   |   |   |
| Forfeited                            |   | (8)                                                                         |   | 7.02 |   |   |   |   |
| Outstanding at June 30, 2009         |   | 1,719                                                                       |   | $                  9.32 |   |  7.4 years |   | $                      - |
| Options exercisable at June 30, 2009 |   |             860 |   | $                12.57 |   | 5.8 years |   | $                      - |

|                        |   | Restricted Stock                                    |
|-----------------------------|--------|-----------------------------------------------------|
|                        |   | Shares                                              |   | Fair  Value |
| Unvested at January 1, 2009 |   |         197 |   | $                       2,599 |
| Granted                     |   | 278                                                 |   | 738 |
| Vested                      |   | (102)                                               |   | (1,186) |
| Forfeited                   |   | -                                                   |   | - |
| Unvested at June 30, 2009   |   | 373                                                 |   | $                       2,151 |

----

9. Income Taxes

|                                           |   | Three Months Ended June 30, |   |
|------------------------------------------------|--------|-----------------------------|--------|
|                                           |   | 2009                        |   |   | 2008 (Restated) |   |
|                                           |   | Dollars                     |   |   | Percent |   |   | Dollars |   |   | Percent |   |
| Income tax (expense) benefit at statutory rate |   | $                           | (3,383 | ) |   |   | (35.0 | )% |   | $ | 5,452 |   |   |   | (35.0 | )% |
| State income taxes, net of federal taxes       |   |                        | (181   | ) |   |   | (1.9 | )% |   |   | 314 |   |   |   | (2.0 | )% |
| Settlements                                    |   |                        | (105   | ) |   |   | (1.1 | )% |   |   | - |   |   |   | - |   |
| Tax-exempt income                              |   |                        | 70     |   |   |   | 0.7 |  % |   |   | 1,051 |   |   |   | (6.7 | )% |
| Meals and entertainment                        |   |                        | (91    | ) |   |   | (0.9 | )% |   |   | (315 | ) |   |   | 2.0 |  % |
| Valuation allowance                            |   |                        | 74     |   |   |   | 0.8 |  % |   |   | (3,036 | ) |   |   | 19.5 |  % |
| Other                                          |   |                        | (57    | ) |   |   | (0.6 | )% |   |   | (802 | ) |   |   | 5.1 |  % |
| Income tax (expense) benefit                   |   | $                           | (3,673 | ) |   |   | (38.0 | )% |   | $ | 2,664 |   |   |   | (17.1 | )% |

|                                           |   | Six Months Ended June 30, |   |
|------------------------------------------------|--------|---------------------------|--------|
|                                           |   | 2009                      |   |   | 2008 (Restated) |   |
|                                           |   | Dollars                   |   |   | Percent |   |   | Dollars |   |   | Percent |   |
| Income tax (expense) benefit at statutory rate |   | $                         | (6,340 | ) |   |   | (35.0 | )% |   | $ | 4,847 |   |   |   | (35.0 | )% |
| State income taxes, net of federal taxes       |   |                      | (282   | ) |   |   | (1.5 | )% |   |   | 359 |   |   |   | (2.6 | )% |
| Settlements                                    |   |                      | 13,401 |   |   |   | 74.0 |  % |   |   | - |   |   |   | - |   |
| Tax-exempt income                              |   |                      | 219    |   |   |   | 1.2 |  % |   |   | 1,250 |   |   |   | (9.0 | )% |
| Meals and entertainment                        |   |                      | (246   | ) |   |   | (1.4 | )% |   |   | (377 | ) |   |   | 2.7 |  % |
| Valuation allowance                            |   |                      | 129    |   |   |   | 0.7 |  % |   |   | (3,036 | ) |   |   | 21.9 |  % |
| Other                                          |   |                      | (160   | ) |   |   | (0.9 | )% |   |   | (872 | ) |   |   | 6.3 |  % |
| Income tax benefit                             |   | $                         | 6,721  |   |   |   | 37.1 |  % |   | $ | 2,171 |   |   |   | (15.7 | )% |

----

|                                               | 2009                                                                                                                                                                                            |
|----------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Unrecognized tax benefits balance at January 1     | $                            16,518                      |
| Increases/(decreases) for prior period positions   | (1,525)                                                                                                                                                                                         |
| Increases/(decreases) for current period positions | -                                                                                                                                                                                               |
| Settlements                                        | (14,446)                                                                                                                                                                                        |
| Lapses of statutes                                 | -                                                                                                                                                                                               |
| Unrecognized tax benefits balance at June 30       | $                                547 |

10. Investments and Fair Value Measurements

----

|               |   | Level 1                                                                                                               |   | Level 2                                                                                                          |   | Level 3                                              |   | Balance atJune 30, 2009                                                                      |
|--------------------|--------|-----------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|--------|----------------------------------------------------------------------------------------------|
| Assets             |   |                                                                                                                  |   |                                                                                                                  |   |                                                      |   |                                                                                         |
| Investments in ARS |   | $                    - |   | $                    - |   | $         116,433 |   | $              116,433 |

|                                                                                                         |   | Asset                     |    |
|--------------------------------------------------------------------------------------------------------------|--------|---------------------------|---------|
|                                                                                                         |   | Auction Rate Securities   |    |
|                                                                                                         |   | Six Months Ended June 30, |    |
|                                                                                                         |   | 2009                      |    |   | 2008 |   |
| Balance at beginning of period                                                                               |   | $                         | 116,900 |   |   | $ | - |   |
| Transfers to Level 3                                                                                         |   |                      | -       |   |   |   | 136,100 |   |
| Total unrealized gains (losses)                                                                              |   |                      |    |   |   |   |   |   |
|     Included in nonoperating expense                                                     |   |                      | -       |   |   |   | - |   |
|     Included in other comprehensive income (“OCI”)                           |   |                      | -       |   |   |   | (9,955 | ) |
| Realized gains on redemptions, included in nonoperating expense(1)                                           |   |                      | 44      |   |   |   | - |   |
| Interest accretion                                                                                           |   |                      | 438     |   |   |   | - |   |
| Redemptions (2)                                                                                              |   |                      | (2,700  | ) |   |   | - |   |
| Balance at March 31                                                                                          |   | $                         | 114,682 |   |   | $ | 126,145 |   |
|                                                                                                         |   |                      |    |   |   |   |   |   |
| Transfers to Level 3                                                                                         |   |                      | -       |   |   |   | - |   |
| Total unrealized gains (losses)                                                                              |   |                      |    |   |   |   |   |   |
|     Included in nonoperating expense                                                     |   |                      | (966    | ) |   |   | (8,675 | ) |
|     Included in OCI                                                                      |   |                      | 4,598   |   |   |   | 9,955 |   |
| Realized gains on redemptions, included in nonoperating expense(1)                                           |   |                      | 632     |   |   |   | - |   |
| Interest accretion                                                                                           |   |                      | 437     |   |   |   | - |   |
| Redemptions (2)                                                                                              |   |                      | (2,950  | ) |   |   | - |   |
| Balance at June 30                                                                                           |   | $                         | 116,433 |   |   | $ | 127,425 |   |
|                                                                                                         |   |                      |    |   |   |   |   |   |
| (1) The Company determines the cost basis for ARS redemptions using the specific identification method. |   |
| (2)  Partial redemption of securities at par by the issuer.                                        |   |                      |    |   |   |   |   |   |

|                                                         |   | Carrying Amount                                                                                                                                          |   | Estimated Fair Value                                                                                                                        |
|--------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|
| Senior convertible notes                                     |   | $                        102,504 |   | $                      90,470 |
| Credit facility                                              |   | 85,767                                                                                                                                                   |   | 85,767                                                                                                                                      |
| Pre-delivery payment financing facilities                    |   | 4,910                                                                                                                                                    |   | 4,910                                                                                                                                       |
| Long-term notes payable, primarily related to owned aircraft |   | 547,619                                                                                                                                                  |   | 447,383                                                                                                                                     |

----

11. Commitments and Contingencies

----

12.  Segment Reporting

|                                 |   | Three Months Ended June 30, |    |   | Six Months Ended June 30, |   |
|--------------------------------------|--------|-----------------------------|---------|--------|---------------------------|--------|
|                                 |   | 2009                        |    |   | 2008                      |   |   | 2009 |   |   | 2008 |   |
|                                 |   |                        |    |   | (restated)                |   |   |   |   |   | (restated) |   |
| Operating revenues:                  |   |                        |    |   |                      |   |   |   |   |   |   |   |
|     Pinnacle     |   | $                           | 154,550 |   |                      | $      | 155,705 |   |   | $ | 309,924 |   |   | $ | 310,102 |   |
|     Colgan       |   |                        | 56,713  |   |                      |   | 65,449 |   |   |   | 109,161 |   |   |   | 115,393 |   |
|     Consolidated |   | $                           | 211,263 |   |                      | $      | 221,154 |   |   | $ | 419,085 |   |   | $ | 425,495 |   |
|                                 |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Operating income (loss):             |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|     Pinnacle     |   | $                           | 16,995  |   |                      | $      | 15,405 |   |   | $ | 30,896 |   |   | $ | 27,736 |   |
|     Colgan       |   |                        | 5,188   |   |                      |   | (12,939 | ) |   |   | 8,222 |   |   |   | (18,485 | ) |
|     Consolidated |   | $                           | 22,183  |   |                      | $      | 2,466 |   |   | $ | 39,118 |   |   | $ | 9,251 |   |

|                                 |   | June 30, 2009 |      |   | December 31, 2008 |
|--------------------------------------|--------|---------------|-----------|--------|-------------------|
| Total assets:                        |   |          |      |   | (restated)        |
|     Pinnacle     |   | $             | 629,293   |   |              | $ | 582,176 |
|     Colgan       |   |          | 661,718   |   |              |   | 388,990 |
|     Unallocated  |   |          | 131,258   |   |              |   | 156,536 |
|     Consolidated |   | $             | 1,422,269 |   |              | $ | 1,127,702 |

----

Forward-Looking Statements

----

----

----

|                                        |   | Three Months Ended June 30, 2009 |    |
|---------------------------------------------|--------|----------------------------------|---------|
|                                        |   | Pinnacle                         |    |   | Colgan |   |   | Consolidated |   |
|                                        |   | (in thousands)                   |    |
| Operating revenues                          |   |                             |    |   |   |   |   |   |   |
| Regional airline services                   |   | $                                | 152,549 |   |   | $ | 56,663 |   |   | $ | 209,212 |   |
| Other                                       |   |                             | 2,001   |   |   |   | 50 |   |   |   | 2,051 |   |
| Total operating revenues                    |   |                             | 154,550 |   |   |   | 56,713 |   |   |   | 211,263 |   |
|                                        |   |                             |    |   |   |   |   |   |   |   |   |   |
| Operating expenses                          |   |                             |    |   |   |   |   |   |   |   |   |   |
| Salaries, wages and benefits                |   |                             | 42,085  |   |   |   | 13,672 |   |   |   | 55,757 |   |
| Aircraft rentals                            |   |                             | 29,203  |   |   |   | 891 |   |   |   | 30,094 |   |
| Ground handling services                    |   |                             | 19,447  |   |   |   | 2,749 |   |   |   | 22,196 |   |
| Aircraft maintenance, materials and repairs |   |                             | 14,495  |   |   |   | 10,305 |   |   |   | 24,800 |   |
| Other rentals and landing fees              |   |                             | 12,820  |   |   |   | 5,105 |   |   |   | 17,925 |   |
| Aircraft fuel                               |   |                             | -       |   |   |   | 5,254 |   |   |   | 5,254 |   |
| Commissions and passenger related expense   |   |                             | 847     |   |   |   | 4,380 |   |   |   | 5,227 |   |
| Depreciation and amortization               |   |                             | 5,067   |   |   |   | 3,715 |   |   |   | 8,782 |   |
| Other                                       |   |                             | 13,591  |   |   |   | 3,921 |   |   |   | 17,512 |   |
| Impairment and aircraft retirement charges  |   |                             | -       |   |   |   | 1,533 |   |   |   | 1,533 |   |
| Total operating expenses                    |   |                             | 137,555 |   |   |   | 51,525 |   |   |   | 189,080 |   |
|                                        |   |                             |    |   |   |   |   |   |   |   |   |   |
| Operating income                            |   |                             | 16,995  |   |   |   | 5,188 |   |   |   | 22,183 |   |
|                                        |   |                             |    |   |   |   |   |   |   |   |   |   |
| Operating margin                            |   |                             | 11.0    | % |   |   | 9.1 | % |   |   | 10.5 | % |
|                                        |   |                             |    |   |   |   |   |   |   |   |   |   |
| Nonoperating income (expense)               |   |                             |    |   |   |   |   |   |   |   |   |   |
| Interest income                             |   |                             |    |   |   |   |   |   |   |   | 759 |   |
| Interest expense                            |   |                             |    |   |   |   |   |   |   |   | (12,930 | ) |
| Net investment loss                         |   |                             |    |   |   |   |   |   |   |   | (334 | ) |
| Miscellaneous expense, net                  |   |                             |    |   |   |   |   |   |   |   | (12 | ) |
| Total nonoperating expense                  |   |                             |    |   |   |   |   |   |   |   | (12,517 | ) |
| Income before income taxes                  |   |                             |    |   |   |   |   |   |   |   | 9,666 |   |
| Income tax expense                          |   |                             |    |   |   |   |   |   |   |   | (3,673 | ) |
| Net income                                  |   |                             |    |   |   |   |   |   |   | $ | 5,993 |   |

----

|                                        |   | Six Months Ended June 30, 2009 |    |
|---------------------------------------------|--------|--------------------------------|---------|
|                                        |   | Pinnacle                       |    |   | Colgan |   |   | Consolidated |   |
|                                        |   | (in thousands)                 |    |
| Operating revenues                          |   |                           |    |   |   |   |   |   |   |
| Regional airline services                   |   | $                              | 306,080 |   |   | $ | 109,056 |   |   | $ | 415,136 |   |
| Other                                       |   |                           | 3,844   |   |   |   | 105 |   |   |   | 3,949 |   |
| Total operating revenues                    |   |                           | 309,924 |   |   |   | 109,161 |   |   |   | 419,085 |   |
|                                        |   |                           |    |   |   |   |   |   |   |   |   |   |
| Operating expenses                          |   |                           |    |   |   |   |   |   |   |   |   |   |
| Salaries, wages and benefits                |   |                           | 85,022  |   |   |   | 27,575 |   |   |   | 112,597 |   |
| Aircraft rentals                            |   |                           | 58,360  |   |   |   | 2,226 |   |   |   | 60,586 |   |
| Ground handling services                    |   |                           | 42,561  |   |   |   | 6,097 |   |   |   | 48,658 |   |
| Aircraft maintenance, materials and repairs |   |                           | 28,885  |   |   |   | 20,604 |   |   |   | 49,489 |   |
| Other rentals and landing fees              |   |                           | 26,376  |   |   |   | 9,952 |   |   |   | 36,328 |   |
| Aircraft fuel                               |   |                           | -       |   |   |   | 9,771 |   |   |   | 9,771 |   |
| Commissions and passenger related expense   |   |                           | 2,059   |   |   |   | 7,995 |   |   |   | 10,054 |   |
| Depreciation and amortization               |   |                           | 9,882   |   |   |   | 7,481 |   |   |   | 17,363 |   |
| Other                                       |   |                           | 25,883  |   |   |   | 7,258 |   |   |   | 33,141 |   |
| Impairment and aircraft retirement charges  |   |                           | -       |   |   |   | 1,980 |   |   |   | 1,980 |   |
| Total operating expenses                    |   |                           | 279,028 |   |   |   | 100,939 |   |   |   | 379,967 |   |
|                                        |   |                           |    |   |   |   |   |   |   |   |   |   |
| Operating income                            |   |                           | 30,896  |   |   |   | 8,222 |   |   |   | 39,118 |   |
|                                        |   |                           |    |   |   |   |   |   |   |   |   |   |
| Operating margin                            |   |                           | 10.0    | % |   |   | 7.5 | % |   |   | 9.3 | % |
|                                        |   |                           |    |   |   |   |   |   |   |   |   |   |
| Nonoperating income (expense)               |   |                           |    |   |   |   |   |   |   |   |   |   |
| Interest income                             |   |                           |    |   |   |   |   |   |   |   | 1,665 |   |
| Interest expense                            |   |                           |    |   |   |   |   |   |   |   | (22,723 | ) |
| Net investment loss                         |   |                           |    |   |   |   |   |   |   |   | (289 | ) |
| Miscellaneous income, net                   |   |                           |    |   |   |   |   |   |   |   | 344 |   |
| Total nonoperating expense                  |   |                           |    |   |   |   |   |   |   |   | (21,003 | ) |
| Income before income taxes                  |   |                           |    |   |   |   |   |   |   |   | 18,115 |   |
| Income tax benefit                          |   |                           |    |   |   |   |   |   |   |   | 6,721 |   |
| Net income                                  |   |                           |    |   |   |   |   |   |   | $ | 24,836 |   |

----

|                              |   | Three Months Ended June 30, |    |           | Six Months Ended June 30, |    |
|-----------------------------------|--------|-----------------------------|---------|----------------|---------------------------|---------|
|                              |   | 2009                        |    | 2008(Restated) |                      | $Change |   |   | %Change |   |   | 2009 |   |   | 2008(Restated) |   | $Change |   | %Change |
|                              |   | (in thousands)              |    |
| Total operating revenue           |   | $                           | 211,263 |           |                      | $       | 221,154 |   |   | $ | (9,891 | ) |   |   | (4 | )% |   | $ | 419,085 |   |   | $ | 425,495 |   |   | $ | (6,410 | ) |   |   | (2 | )% |
| Total operating expenses          |   |                        | 189,080 |           |                      |    | 218,688 |   |   |   | (29,608 | ) |   |   | (14 | )% |   |   | 379,967 |   |   |   | 416,244 |   |   |   | (36,277 | ) |   |   | (9 | )% |
| Operating income                  |   |                        | 22,183  |           |                      |    | 2,466 |   |   |   | 19,717 |   |   |   | 800 |  % |   |   | 39,118 |   |   |   | 9,251 |   |   |   | 29,867 |   |   |   | 323 |  % |
| Operating margin                  |   |                        | 10.5    | %              |                      |    | 1.1 | % |   | 9.4 pts. |   |   |   |   |   |   |   | 9.3 | % |   |   | 2.2 | % |   | 7.1 pts. |   |   |   |   |   |
|                              |   |                        |    |           |                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total nonoperating expense        |   |                        | (12,517 | )              |                      |    | (18,044 | ) |   |   | 5,527 |   |   |   | (31 | )% |   |   | (21,003 | ) |   |   | (23,100 | ) |   |   | 2,097 |   |   |   | (9 | )% |
|                              |   |                        |    |           |                      |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before income taxes |   |                        | 9,666   |           |                      |    | (15,578 | ) |   |   | 25,244 |   |   |   | (162 | )% |   |   | 18,115 |   |   |   | (13,849 | ) |   |   | 31,964 |   |   |   | (231 | )% |
| Income tax (expense) benefit      |   |                        | (3,673  | )              |                      |    | 2,664 |   |   |   | (6,337 | ) |   |   | (238 | )% |   |   | 6,721 |   |   |   | 2,171 |   |   |   | 4,550 |   |   |   | 210 |  % |
| Net income (loss)                 |   | $                           | 5,993   |           |                      | $       | (12,914 | ) |   | $ | 18,907 |   |   |   | (146 | )% |   | $ | 24,836 |   |   | $ | (11,678 | ) |   | $ | 36,514 |   |   |   | (313 | )% |

----

|                                       |   | Three Months Ended June 30, 2009 |   |   | Three Months EndedJune 30, 2008 |   |
|--------------------------------------------|--------|----------------------------------|--------|--------|---------------------------------|--------|
|                                       |   | Pre-tax                          |   |   | Net of tax                      |   |   | Pre-tax |   |   | Net of tax |   |
| Impairment and aircraft retirement charges |   | $                                | 1,533  |   |                            | $      | 992 |   |   | $ | 12,619 |   |   | $ | 8,139 |   |
| Net investment loss                        |   |                             | 334    |   |                            |   | 320 |   |   |   | 8,675 |   |   |   | 8,309 |   |
| Total nonrecurring charges                 |   | $                                | 1,867  |   |                            | $      | 1,312 |   |   | $ | 21,294 |   |   | $ | 16,448 |   |

|                                                                                             |   | Six Months EndedJune 30, 2009 |   |   | Six Months EndedJune 30, 2008 |   |
|--------------------------------------------------------------------------------------------------|--------|-------------------------------|--------|--------|-------------------------------|--------|
|                                                                                             |   | Pre-tax                       |   |   | Net of tax                    |   |   | Pre-tax |   |   | Net of tax |   |
| Impairment and aircraft retirement charges                                                       |   | $                             | 1,980  |   |                          | $      | 1,280 |   |   | $ | 12,619 |   |   | $ | 8,139 |   |
| Excess of property insurance proceeds       over cost basis of aircraft |   |                          | (835   | )      |                          |   | (540 | ) |   |   | - |   |   |   | - |   |
| Net investment loss                                                                              |   |                          | 289    |   |                          |   | 277 |   |   |   | 8,675 |   |   |   | 8,309 |   |
| Ineffective portion of hedge                                                                     |   |                          | 1,424  |   |                          |   | 921 |   |   |   | - |   |   |   | - |   |
| Reversal of interest on tax reserves                                                             |   |                          | (2,719 | )      |                          |   | (1,719 | ) |   |   | - |   |   |   | - |   |
| Gain on debt extinguishment                                                                      |   |                          | (1,857 | )      |                          |   | (1,122 | ) |   |   | - |   |   |   | - |   |
| IRS settlement                                                                                   |   |                          | -      |   |                          |   | (13,551 | ) |   |   | - |   |   |   | - |   |
| Total nonrecurring charges                                                                       |   | $                             | (1,718 | )      |                          | $      | (14,454 | ) |   | $ | 21,294 |   |   | $ | 16,448 |   |

----

|                                                       |   | Three Months Ended June 30, |      |   | Six Months Ended June 30, |   |
|------------------------------------------------------------|--------|-----------------------------|-----------|--------|---------------------------|--------|
|                                                       |   | 2009                        |      |   | 2008                      |   |   | Change |   |   | 2009 |   |   | 2008 |   |   | Change |   |
| Other Data:                                                |   |                        |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue passengers (in thousands)                          |   |                        | 2,778     |   |                      |   | 2,726 |   |   |   | 2 |  % |   |   | 5,163 |   |   |   | 5,151 |   |   |   | 0 |  % |
| Revenue passenger miles (“RPMs”)(in thousands) |   |                        | 1,211,030 |   |                      |   | 1,287,429 |   |   |   | (6 | )% |   |   | 2,301,384 |   |   |   | 2,386,709 |   |   |   | (4 | )% |
| Available seat miles (“ASMs”) (in thousands)   |   |                        | 1,548,790 |   |                      |   | 1,622,264 |   |   |   | (5 | )% |   |   | 3,129,301 |   |   |   | 3,116,125 |   |   |   | 0 |  % |
| Passenger load factor                                      |   |                        | 78.2      | %      |                      |   | 79.4 | % |   | (1.2) pts. |   |   |   | 73.5 | % |   |   | 76.6 | % |   | (3.1) pts. |   |
| Operating revenue per ASM (in cents)                       |   |                        | 9.98      |   |                      |   | 9.60 |   |   |   | 4 |  % |   |   | 9.90 |   |   |   | 9.95 |   |   |   | (1 | )% |
| Operating cost per ASM (in cents)                          |   |                        | 8.88      |   |                      |   | 8.65 |   |   |   | 3 |  % |   |   | 8.92 |   |   |   | 9.06 |   |   |   | (2 | )% |
| Operating revenue per block hour                           |   | $                           | 1,452     |   |                      | $      | 1,390 |   |   |   | 4 |  % |   | $ | 1,437 |   |   | $ | 1,384 |   |   |   | 4 |  % |
| Operating cost per block hour                              |   | $                           | 1,292     |   |                      | $      | 1,252 |   |   |   | 3 |  % |   | $ | 1,294 |   |   | $ | 1,260 |   |   |   | 3 |  % |
| Block hours                                                |   |                        | 106,475   |   |                      |   | 112,051 |   |   |   | (5 | )% |   |   | 215,715 |   |   |   | 224,112 |   |   |   | (4 | )% |
| Departures                                                 |   |                        | 68,826    |   |                      |   | 67,810 |   |   |   | 1 |  % |   |   | 135,456 |   |   |   | 133,789 |   |   |   | 1 |  % |
| Average daily utilization (block hours)                    |   |                        | 8.29      |   |                      |   | 8.97 |   |   |   | (8 | )% |   |   | 8.38 |   |   |   | 8.95 |   |   |   | (6 | )% |
| Average stage length (miles)                               |   |                        | 427       |   |                      |   | 468 |   |   |   | (9 | )% |   |   | 439 |   |   |   | 461 |   |   |   | (5 | )% |
|                                                       |   |                        |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Number of operating aircraft (end of period)               |   |                        |      |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     CRJ-200                            |   |                        | 124       |   |                      |   | 126 |   |   |   | (2 | )% |   |   |   |   |   |   |   |   |   |   |   |   |
|     CRJ-900                            |   |                        | 16        |   |                      |   | 9 |   |   |   | 78 |  % |   |   |   |   |   |   |   |   |   |   |   |   |
| Employees (end of period)                                  |   |                        | 4,060     |   |                      |   | 4,144 |   |   |   | (2 | )% |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                    |   | Three Months Ended June 30, |    |   | Six Months Ended June 30, |   |
|---------------------------------------------------------|--------|-----------------------------|---------|--------|---------------------------|--------|
|                                                    |   | 2009                        |    |   | 2008                      |   |   | $Change |   |   | %Change |   |   | 2009 |   |   | 2008 |   |   | $Change |   |   | %Change |   |
|                                                    |   | (in thousands)              |    |
| Operating Revenues                                      |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Regional airline services       |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         CRJ-200 |   | $                           | 135,827 |   |                      | $      | 145,457 |   |   | $ | (9,630 | ) |   |   | (7 | )% |   | $ | 273,455 |   |   | $ | 292,898 |   |   | $ | (19,443 | ) |   |   | (7 | )% |
|         CRJ-900 |   |                        | 16,722  |   |                      |   | 8,162 |   |   |   | 8,560 |   |   |   | 105 |  % |   |   | 32,625 |   |   |   | 11,973 |   |   |   | 20,652 |   |   |   | 172 |  % |
|     Other                           |   |                        | 2,001   |   |                      |   | 2,086 |   |   |   | (85 | ) |   |   | (4 | )% |   |   | 3,844 |   |   |   | 5,231 |   |   |   | (1,387 | ) |   |   | (27 | )% |
| Total operating revenues                                |   | $                           | 154,550 |   |                      | $      | 155,705 |   |   | $ | (1,155 | ) |   |   | (1 | )% |   | $ | 309,924 |   |   | $ | 310,102 |   |   | $ | (178 | ) |   |   | (0 | )% |

----

|                                                         |   | Three Months Ended June 30, |    |   | Six Months Ended June 30, |   |
|--------------------------------------------------------------|--------|-----------------------------|---------|--------|---------------------------|--------|
|                                                         |   | 2009                        |    |   | 2008                      |   |   | $Change |   |   | % Change |   |   | 2009 |   |   | 2008 |   |   | $Change |   |   | % Change |   |
|                                                         |   | (in thousands)              |    |
| Operating expenses                                           |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Salaries, wages and benefits                                 |   | $                           | 42,085  |   |                      | $      | 41,425 |   |   | $ | 660 |   |   |   | 2 |  % |   | $ | 85,022 |   |   | $ | 81,989 |   |   |   | 3,033 |   |   |   | 4 |  % |
| Aircraft rentals                                             |   |                        | 29,203  |   |                      |   | 30,567 |   |   |   | (1,364 | ) |   |   | (4 | )% |   |   | 58,360 |   |   |   | 62,157 |   |   |   | (3,797 | ) |   |   | (6 | )% |
| Ground handling services                                     |   |                        | 19,447  |   |                      |   | 20,490 |   |   |   | (1,043 | ) |   |   | (5 | )% |   |   | 42,561 |   |   |   | 43,999 |   |   |   | (1,438 | ) |   |   | (3 | )% |
| Aircraft maintenance,   materials and repairs |   |                        | 14,495  |   |                      |   | 11,734 |   |   |   | 2,761 |   |   |   | 24 |  % |   |   | 28,885 |   |   |   | 23,635 |   |   |   | 5,250 |   |   |   | 22 |  % |
| Other rentals and landing fees                               |   |                        | 12,820  |   |                      |   | 12,951 |   |   |   | (131 | ) |   |   | (1 | )% |   |   | 26,376 |   |   |   | 25,443 |   |   |   | 933 |   |   |   | 4 |  % |
| Commissions and passenger   related expense   |   |                        | 847     |   |                      |   | 1,643 |   |   |   | (796 | ) |   |   | (48 | )% |   |   | 2,059 |   |   |   | 3,575 |   |   |   | (1,516 | ) |   |   | (42 | )% |
| Depreciation and amortization                                |   |                        | 5,067   |   |                      |   | 3,364 |   |   |   | 1,703 |   |   |   | 51 |  % |   |   | 9,882 |   |   |   | 5,744 |   |   |   | 4,138 |   |   |   | 72 |  % |
| Other                                                        |   |                        | 13,591  |   |                      |   | 18,126 |   |   |   | (4,535 | ) |   |   | (25 | )% |   |   | 25,883 |   |   |   | 35,824 |   |   |   | (9,941 | ) |   |   | (28 | )% |
| Total operating expenses                                     |   |                        | 137,555 |   |                      |   | 140,300 |   |   |   | (2,745 | ) |   |   | (2 | )% |   |   | 279,028 |   |   |   | 282,366 |   |   |   | (3,338 | ) |   |   | (1 | )% |
|                                                         |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                             |   | $                           | 16,995  |   |                      | $      | 15,405 |   |   | $ | 1,590 |   |   |   | 10 | % |   | $ | 30,896 |   |   | $ | 27,736 |   |   |   | 3,160 |   |   |   | 11 |  % |
|                                                         |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating margin                                             |   |                        | 11.0    | %      |                      |   | 9.9 | % |   | 1.1 pts. |   |   |   |   |   |   |   | 10.0 | % |   |   | 8.9 | % |   | 1.1 pts. |   |   |   |   |   |

----

|                                       |   | Three Months Ended June 30, |    |   | Six Months Ended June 30, |   |
|--------------------------------------------|--------|-----------------------------|---------|--------|---------------------------|--------|
|                                       |   | 2009                        |    |   | 2008                      |   |   | Change |   |   | 2009 |   |   | 2008 |   |   | Change |   |
|                                       |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pro-rate Agreements:                       |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue passengers (in thousands)          |   |                        | 305     |   |                      |   | 377 |   |   |   | (19 | )% |   |   | 553 |   |   |   | 726 |   |   |   | (24 | )% |
| RPMs (in thousands)                        |   |                        | 53,010  |   |                      |   | 68,681 |   |   |   | (23 | )% |   |   | 95,614 |   |   |   | 132,785 |   |   |   | (28 | )% |
| ASMs (in thousands)                        |   |                        | 114,768 |   |                      |   | 153,540 |   |   |   | (25 | )% |   |   | 225,791 |   |   |   | 300,169 |   |   |   | (25 | )% |
| Passenger load factor                      |   |                        | 46.2    | %      |                      |   | 44.7 | % |   | 1.5 pts. |   |   |   | 42.3 | % |   |   | 44.2 | % |   | (1.9) pts. |   |
| Passenger yield (in cents)                 |   |                        | 73.02   |   |                      |   | 77.99 |   |   |   | (6 | )% |   |   | 76.03 |   |   |   | 75.55 |   |   |   | 1 |  % |
| Operating revenue per ASM (in cents)       |   |                        | 33.73   |   |                      |   | 34.89 |   |   |   | (3 | )% |   |   | 32.20 |   |   |   | 33.42 |   |   |   | (4 | )% |
| Operating revenue per block hour           |   | $                           | 1,720   |   |                      | $      | 1,692 |   |   |   | 2 |  % |   | $ | 1,627 |   |   | $ | 1,614 |   |   |   | 1 |  % |
| Block hours                                |   |                        | 22,507  |   |                      |   | 31,653 |   |   |   | (29 | )% |   |   | 44,683 |   |   |   | 62,140 |   |   |   | (28 | )% |
| Departures                                 |   |                        | 20,018  |   |                      |   | 26,292 |   |   |   | (24 | )% |   |   | 39,638 |   |   |   | 51,348 |   |   |   | (23 | )% |
| Fuel consumption (in thousands of gallons) |   |                        | 2,772   |   |                      |   | 3,931 |   |   |   | (29 | )% |   |   | 5,404 |   |   |   | 7,617 |   |   |   | (29 | )% |
| Average price per gallon                   |   | $                           | 1.90    |   |                      | $      | 3.79 |   |   |   | (50 | )% |   | $ | 1.81 |   |   | $ | 3.51 |   |   |   | (48 | )% |
| Average fare                               |   | $                           | 127     |   |                      | $      | 142 |   |   |   | (11 | )% |   | $ | 131 |   |   | $ | 138 |   |   |   | (5 | )% |

----

|                                 |   | Three Months Ended June 30, |    |   | Six Months Ended June 30, |   |
|--------------------------------------|--------|-----------------------------|---------|--------|---------------------------|--------|
|                                 |   | 2009                        |    |   | 2008                      |   |   | Change |   |   | 2009 |   |   | 2008 |   |   | Change |   |
|                                 |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capacity Purchase Agreement:         |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue passengers (in thousands)    |   |                        | 405     |   |                      |   | 286 |   |   |   | 42 | % |   |   | 734 |   |   |   | 376 |   |   |   | 95 | % |
| RPMs (in thousands)                  |   |                        | 113,096 |   |                      |   | 80,278 |   |   |   | 41 | % |   |   | 202,801 |   |   |   | 104,895 |   |   |   | 93 | % |
| ASMs (in thousands)                  |   |                        | 157,299 |   |                      |   | 115,053 |   |   |   | 37 | % |   |   | 306,763 |   |   |   | 149,019 |   |   |   | 106 | % |
| Passenger load factor                |   |                        | 71.9    | %      |                      |   | 69.8 | % |   | 2.1 pts. |   |   |   | 66.1 | % |   |   | 70.4 | % |   | (4.3) pts. |   |
| Operating revenue per ASM (in cents) |   |                        | 11.41   |   |                      |   | 10.28 |   |   |   | 11 | % |   |   | 11.85 |   |   |   | 10.05 |   |   |   | 18 | % |
| Operating revenue per block hour     |   | $                           | 1,531   |   |                      | $      | 1,338 |   |   |   | 14 | % |   | $ | 1,550 |   |   | $ | 1,304 |   |   |   | 19 | % |
| Block hours                          |   |                        | 11,726  |   |                      |   | 8,838 |   |   |   | 33 | % |   |   | 23,461 |   |   |   | 11,485 |   |   |   | 104 | % |
| Departures                           |   |                        | 7,666   |   |                      |   | 5,692 |   |   |   | 35 | % |   |   | 15,134 |   |   |   | 7,406 |   |   |   | 104 | % |

| Total Colgan:                                |   |   |    |   |   |   |    |   |   |   |   |    |   |   |    |   |   |   |
|----------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|--------|---------|--------|--------|---------|--------|--------|--------|
| Block hours                                  |   |   | 34,233  |   |   |   | 40,491  |   |   |   | (15    | )%      |   |   | 68,144  |   |   |   | 73,625 |   |   |   | (7 | )% |
| Departures                                   |   |   | 27,684  |   |   |   | 31,984  |   |   |   | (13    | )%      |   |   | 54,772  |   |   |   | 58,754 |   |   |   | (7 | )% |
| ASMs (in thousands)                          |   |   | 272,067 |   |   |   | 268,593 |   |   |   | 1      |  % |   |   | 532,554 |   |   |   | 449,188 |   |   |   | 19 |  % |
| Total operating cost per ASM (in cents)      |   |   | 18.94   |   |   |   | 29.18   |   |   |   | (35    | )%      |   |   | 18.95   |   |   |   | 29.78 |   |   |   | (36 | )% |
| Total operating cost per block hour          |   | $      | 1,505   |   |   | $      | 1,936   |   |   |   | (22    | )%      |   | $      | 1,481   |   |   | $      | 1,818 |   |   |   | (19 | )% |
|                                         |   |   |    |   |   |   |    |   |   |   |   |    |   |   |    |   |   |   |   |   |   |   |   |   |
| Average daily utilization (block hours)      |   |   | 7.84    |   |   |   | 7.76    |   |   |   | 1      |  % |   |   | 7.72    |   |   |   | 7.52 |   |   |   | 3 |  % |
| Average stage length (miles)                 |   |   | 221     |   |   |   | 213     |   |   |   | 4      |  % |   |   | 219     |   |   |   | 206 |   |   |   | 6 |  % |
| Number of operating aircraft (end of period) |   |   |    |   |   |   |    |   |   |   |   |    |   |   |    |   |   |   |   |   |   |   |   |   |
|     Saab 340             |   |   | 34      |   |   |   | 40      |   |   |   | (15    | )%      |   |   |    |   |   |   |   |   |   |   |   |   |
|     Beech 1900           |   |   | -       |   |   |   | 5       |   |   |   | (100   | )%      |   |   |    |   |   |   |   |   |   |   |   |   |
|     Q400                 |   |   | 14      |   |   |   | 13      |   |   |   | 8      |  % |   |   |    |   |   |   |   |   |   |   |   |   |
| Employees                                    |   |   | 1,334   |   |   |   | 1,427   |   |   |   | (7     | )%      |   |   |    |   |   |   |   |   |   |   |   |   |

|                                                                        |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |
|-----------------------------------------------------------------------------|--------|-----------------------------|--------|--------|---------------------------|--------|
|                                                                        |   | 2009                        |   |   | 2008                      |   |   | $Change |   |   | %Change |   |   | 2009 |   |   | 2008 |   |   | $Change |   |   | %Change |   |
|                                                                        |   | (in thousands)              |   |
| Operating Revenues                                                          |   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Regional airline services                           |   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Pro-rate and EAS            |   | $                           | 38,708 |   |                      | $      | 53,565 |   |   | $ | (14,857 | ) |   |   | (28 | )% |   | $ | 72,694 |   |   | $ | 100,320 |   |   | $ | (27,626 | ) |   |   | (28 | )% |
|         Capacity purchase agreement |   |                        | 17,955 |   |                      |   | 11,829 |   |   |   | 6,126 |   |   |   | 52 |  % |   |   | 36,362 |   |   |   | 14,981 |   |   |   | 21,381 |   |   |   | 143 |  % |
|     Other                                               |   |                        | 50     |   |                      |   | 55 |   |   |   | (5 | ) |   |   | (9 | )% |   |   | 105 |   |   |   | 92 |   |   |   | 13 |   |   |   | 14 |  % |
| Total operating revenues                                                    |   | $                           | 56,713 |   |                      | $      | 65,449 |   |   | $ | (8,736 | ) |   |   | (13 | )% |   | $ | 109,161 |   |   | $ | 115,393 |   |   | $ | (6,232 | ) |   |   | (5 | )% |

----

|                                                                    |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |
|-------------------------------------------------------------------------|--------|-----------------------------|--------|--------|---------------------------|--------|
|                                                                    |   | 2009                        |   |   | 2008                      |   |   | $Change |   |   | % Change |   |   | 2009 |   |   | 2008 |   |   | $Change |   |   | % Change |   |
|                                                                    |   | (in thousands)              |   |
| Operating expenses                                                      |   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Salaries, wages and benefits                                            |   | $                           | 13,672 |   |                      | $      | 14,336 |   |   | $ | (664 | ) |   |   | (5 | )% |   | $ | 27,575 |   |   | $ | 27,215 |   |   |   | 360 |   |   |   | 1 |  % |
| Aircraft rentals                                                        |   |                        | 891    |   |                      |   | 1,940 |   |   |   | (1,049 | ) |   |   | (54 | )% |   |   | 2,226 |   |   |   | 3,871 |   |   |   | (1,645 | ) |   |   | (42 | )% |
| Ground handling services                                                |   |                        | 2,749  |   |                      |   | 3,182 |   |   |   | (433 | ) |   |   | (14 | )% |   |   | 6,097 |   |   |   | 7,062 |   |   |   | (965 | ) |   |   | (14 | )% |
| Aircraft maintenance,   materials and repairs            |   |                        | 10,305 |   |                      |   | 12,041 |   |   |   | (1,736 | ) |   |   | (14 | )% |   |   | 20,604 |   |   |   | 22,014 |   |   |   | (1,410 | ) |   |   | (6 | )% |
| Other rentals and landing fees                                          |   |                        | 5,105  |   |                      |   | 4,359 |   |   |   | 746 |   |   |   | 17 |  % |   |   | 9,952 |   |   |   | 7,311 |   |   |   | 2,641 |   |   |   | 36 |  % |
| Aircraft fuel                                                           |   |                        | 5,254  |   |                      |   | 14,899 |   |   |   | (9,645 | ) |   |   | (65 | )% |   |   | 9,771 |   |   |   | 26,772 |   |   |   | (17,001 | ) |   |   | (64 | )% |
| Commissions and passenger   related expense              |   |                        | 4,380  |   |                      |   | 5,787 |   |   |   | (1,407 | ) |   |   | (24 | )% |   |   | 7,995 |   |   |   | 10,680 |   |   |   | (2,685 | ) |   |   | (25 | )% |
| Depreciation and amortization                                           |   |                        | 3,715  |   |                      |   | 3,245 |   |   |   | 470 |   |   |   | 14 |  % |   |   | 7,481 |   |   |   | 5,236 |   |   |   | 2,245 |   |   |   | 43 |  % |
| Other                                                                   |   |                        | 3,921  |   |                      |   | 5,980 |   |   |   | (2,059 | ) |   |   | (34 | )% |   |   | 7,258 |   |   |   | 11,098 |   |   |   | (3,840 | ) |   |   | (35 | )% |
| Impairment of goodwill and   aircraft lease return costs |   |                        | 1,533  |   |                      |   | 12,619 |   |   |   | (11,086 | ) |   |   | (88 | )% |   |   | 1,980 |   |   |   | 12,619 |   |   |   | (10,639 | ) |   |   | (84 | )% |
| Total operating expenses                                                |   |                        | 51,525 |   |                      |   | 78,388 |   |   |   | (26,863 | ) |   |   | (34 | )% |   |   | 100,939 |   |   |   | 133,878 |   |   |   | (32,939 | ) |   |   | (25 | )% |
|                                                                    |   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                                        |   | $                           | 5,188  |   |                      | $      | (12,939 | ) |   | $ | 18,127 |   |   |   | 140 |  % |   | $ | 8,222 |   |   | $ | (18,485 | ) |   |   | 26,707 |   |   |   | (144 | )% |
|                                                                    |   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating margin                                                        |   |                        | 9.1    | %      |                      |   | (19.8 | )% |   | 28.9 pts. |   |   |   |   |   |   |   | 7.5 | % |   |   | (16.0 | )% |   | 23.5 pts. |   |   |   |   |   |

----

----

----

----

----

Item 3. Quantitative and Qualitative Disclosures About Market Risk

----

Item 4. Controls and Procedures

Item 1.  Legal Proceedings

Item 1A. Risk Factors

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.  Defaults Upon Senior Securities

----

Item 4.  Submission of Matters to a Vote of Security Holders

| Nominee            |   | Votes For  |   | Votes Withheld |
|--------------------|--------|------------|--------|----------------|
|               |   |       |   |           |
| Donald J. Breeding |   | 15,429,839 |   | 290,281        |
| Susan M. Coughlin  |   | 15,436,749 |   | 283,371        |
| R. Philip Shannon  |   | 15,433,320 |   | 286,800        |

| Votes For |   | Votes Against |   | Votes Abstaining |
|-----------|--------|---------------|--------|------------------|
|      |   |          |   |             |
| 6,965,928 |   | 4,725,240     |   | 6,448            |

| Votes For  |   | Votes Against |   | Votes Abstaining |
|------------|--------|---------------|--------|------------------|
|       |   |          |   |             |
| 15,604,342 |   | 105,299       |   | 10,479           |

Item 5.  Other Information

Item 6.  Exhibits

----

| 3.1 | Second Amended and Restated Certificate of Incorporation of Pinnacle Airlines Corp. (the “Registrant”) (Incorporated by reference to the Registrant’s Registration Statement Form S-1 (Registration No. 333-83359), as amended (the “S-1”) initially filed on February 25, 2002) |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Certificate of Correction Filed to Correct a Certain Error in the Second Amended and Restated Certificate of Incorporation of the Registrant (Incorporated by reference to the S-1) |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | Amended and Restated Bylaws, dated January 14, 2003, of the Registrant (Incorporated by reference to the S-1) |
|-----|---------------------------------------------------------------------------------------------------------------|

| 4.1 | Specimen Stock Certificate (Incorporated by reference to the S-1) |
|-----|-------------------------------------------------------------------|

| 4.2 | Rights Agreement between the Registrant and EquiServe Trust Company, N.A., as Rights Agent (Incorporated by reference to the S-1) |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | Indenture, 3.25% Senior Convertible Notes due 2025, dated as of February 8, 2005, by and between the Registrant and Deutsche Bank National Trust Company (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on February 8, 2005) |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | Registration Rights Agreement made pursuant to the Purchase Agreement dated February 3, 2005, dated as of February 8, 2005, by and among the Registrant, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Raymond James & Associates, Inc. (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on February 8, 2005) |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1# | Loan Agreement dated as of June 16, 2005 between Pinnacle Airlines, Inc, the Registrant, and First Tennessee Bank National Association (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on June 23, 2005) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Sublease Agreement between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|------|------------------------------------------------------------------------------------------------------------------------|

| 10.2.1 | Form of First Amendment to Sublease Agreement between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2# | Guaranty Agreement between Pinnacle Airlines, Inc. and First Tennessee Bank National Association (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on June 23, 2005) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Engine Lease Agreement between Pinnacle Airlines, Inc., the Registrant, and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|------|---------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3.1 | Form of First Amendment to Engine Lease Agreement between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4# | Revolving Credit Note dated as of June 16, 2005 between Pinnacle Airlines, Inc. and First Tennessee Bank National Association (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on June 23, 2005) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5# | Security Agreement dated as of June 16, 2005 between Pinnacle Airlines, Inc. and First Tennessee Bank National Association (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on June 23, 2005) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.6# | Negative Pledge Agreement dated as of June 16, 2005 between Pinnacle Airlines, Inc. and First Tennessee Bank National Association (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on June 23, 2005) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.7# | Negative Pledge Agreement dated as of June 16, 2005 between the Registrant and First Tennessee Bank National Association (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on June 23, 2005) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.8† | Pinnacle Airlines Corp. 2003 Stock Incentive Plan (Incorporated by reference to the S-1) |
|-------------|------------------------------------------------------------------------------------------|

| 10.9 | Form of Incentive Stock Option Agreement for options granted under the Pinnacle Airlines Corp. 2003 Stock Incentive Plan (Incorporated by reference to the S-1) |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.10† | Pinnacle Airlines, Inc. Annual Management Bonus Plan (Incorporated by reference to the S-1) |
|--------------|---------------------------------------------------------------------------------------------|

----

| 10.11 | Amended and Restated Sublease Agreement dated as of January 14, 2003 between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (SBN Facilities) (Incorporated by reference to the S-1) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.12 | Sublease Agreement dated as of August 1, 2002 between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (TYS Facilities) (Incorporated by reference to the S-1) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.13 | Form of Amended and Restated Facilities Use Agreement between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (DTW Facilities) (Incorporated by reference to the S-1) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.14 | Form of Amended and Restated Facilities Use Agreement between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (MEM Facilities) (Incorporated by reference to the S-1) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.15 | Form of Amended and Restated Facilities Use Agreement between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (MSP Facilities) (Incorporated by reference to the S-1) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.16 | Intentionally omitted |
|-------|-----------------------|

| 10.17 | Intentionally omitted |   |
|-------|-----------------------|--------|

| 10.18 | Lease Guaranty issued by the Registrant to Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|-------|------------------------------------------------------------------------------------------------------------|

| 10.19 | Sublease Guaranty issued by the Registrant to Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|-------|---------------------------------------------------------------------------------------------------------------|

| 10.20 | Airline Services Agreement dated as of March 1, 2002 among the Registrant, Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.21 | Airline Services Agreement dated as of January 14, 2003 among the Registrant, Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.21.1 | Amendment No. 1 dated as of September 11, 2003 to the Airline Services Agreement dated as of January 14, 2003 among the Registrant, Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.21.2 | Form of Amendment No. 2 dated as of November 26, 2003 to the Airline Services Agreement dated as of January 14, 2003 among the Registrant, Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.22 | Form of Amended and Restated Ground Handling Agreement between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.23 | Form of Amended and Restated Information Technology Services Agreement between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.24 | Form of Amended and Restated Family Assistance Services Agreement between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.25 | Form of Amended and Restated Manufacturer Benefits Agreement between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.26 | Form of Amended and Restated Preferential Hiring Agreement between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.27 | Purchase Agreement, Senior Convertible Notes due 2025, dated as of February 3, 2005, by and among, the Registrant., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Raymond James & Associates, Inc. (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on February 8, 2005) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.28† | Second Amended and Restated Management Compensation Agreement between Pinnacle Airlines, Inc. and Philip H. Trenary (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on December 16, 2008) |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.29† | Amended and Restated Management Compensation Agreement between Pinnacle Airlines, Inc. and Peter D. Hunt (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on December 16, 2008) |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.30† | Amended and Restated Management Compensation Agreement between Pinnacle Airlines, Inc. and Douglas W. Shockey (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on December 16, 2008) |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.31† | Form of Indemnity Agreement between the Registrant and its directors and officers (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on February 1, 2006) |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.32 | Assignment of Claim Agreement between Pinnacle Airlines, Inc. and Goldman Sachs Credit Partners, L.P., dated as of October 5, 2006 (Incorporated by reference to the Registrant’s Form 10-K filed on March 8, 2007) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.40 | Assumption and Claim Resolution Agreement between Pinnacle Airlines, Inc., the Registrant, and Northwest Airlines, Inc., dated as of December 20, 2006 (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on January 3, 2007) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.41 | Amended and Restated Airline Services Agreement by and among Pinnacle Airlines, Inc., the Registrant, and Northwest Airlines, Inc., dated December 15, 2006, effective as of January 1, 2007 (Incorporated by reference to the Registrant’s Form 10-K filed on March 8, 2007) |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.42 | Amendment No. 1 dated as of November 21, 2007 to the Amended and Restated Airline Services Agreement by and among Pinnacle Airlines, Inc., the Registrant, and Northwest Airlines, Inc., dated December 15, 2006 |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.43 | CF34-3B1 Engine Hourly Rate Program Repair and Services Agreement between Northwest Airlines, Inc. and Standard Aero Ltd., dated as of September 1, 2007 (Incorporated by reference to the Registrant’s Form 10-K filed on March 17, 2008) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.50 | Stock Purchase Agreement, dated as of January 18, 2007, by and among Colgan Air, Inc. and the Registrant (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on January 24, 2007) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.60 | Capacity Purchase Agreement between Continental Airlines, Inc., the Registrant, and Colgan Air, Inc., dated as of February 2, 2007 (Incorporated by reference to the Registrant’s Form 10-Q filed on November 2, 2007) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.61 | Purchase Agreement between Bombardier Inc. and the Registrant, relating to the purchase of twenty-five (25) Bombardier Q400 series aircraft, dated as of February 17, 2007 (Incorporated by reference to the Registrant’s Form 10-K filed on March 17, 2008) |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.62 | Form of Loan Agreement, between the Registrant and Export Development Canada, for the financing of Q400 and CRJ-900 aircraft (Incorporated by reference to the Registrant’s Form 10-K filed on March 17, 2008) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.65 | Delta Connection Agreement among Delta Air Lines, Inc., the Registrant, and Pinnacle Airlines, Inc., dated as of April 27, 2007 (Incorporated by reference to the Registrant’s Form 10-Q filed on November 2, 2007) |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.66 | Purchase Agreement between Bombardier Inc. and Pinnacle Airlines, Inc, relating to the purchase of sixteen (16) Bombardier CRJ-900 series aircraft, dated as of April 26, 2007 (Incorporated by reference to the Registrant’s Form 10-K filed on March 17, 2008) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.70 | Credit Facility Agreement between Citigroup Global Markets, Inc. and the Registrant, dated as of March 11, 2008 (Incorporated by reference to the Registrant’s Form 10-Q filed on May 8, 2008) |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.71 | Amendment No. 1, dated as of June 18, 2008, to the Credit Facility Agreement between the Registrant, and Citigroup Global Markets, Inc., dated as of March 11, 2008 (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on June 20, 2008) |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.72 | Amendment No. 1, dated as of March 2, 2009, to the Amended and Restated Loan Agreement between the Registrant and Citigroup Global Markets, Inc., dated as of November 5, 2008 (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on March 5, 2009) |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.73 | Third Amendment, dated as of January 13, 2009, to the Capacity Purchase Agreement between Continental Airlines, Inc., the Registrant, and Colgan Air, Inc., dated as of February 2, 2007 |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.74 | Loan Agreement, dated as of January 30, 2009, between Colgan Air, Inc., and Export Development Canada |
|-------|-------------------------------------------------------------------------------------------------------|

| 10.75 | Change Order No. 16, dated as of January 13, 2009, and Change Order No. 18, dated as of February 6, 2009, to the Purchase Agreement between Bombardier Inc. and the Registrant, relating to the purchase of Bombardier Q400 series aircraft, dated as of February 17, 2007 |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.76 | United Express Agreement, dated as of November 1, 2008, between United Air Lines, Inc. and Colgan Air, Inc. |
|-------|-------------------------------------------------------------------------------------------------------------|

| 10.99.1# | Form of Promissory Note issued by Pinnacle Airlines, Inc. to Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|----------|------------------------------------------------------------------------------------------------------------------------------|

| 10.99.2# | Form of Guaranty of Promissory Note issued by Registrant to Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|----------|-----------------------------------------------------------------------------------------------------------------------------|

| 10.99.3# | Revolving Credit Facility dated as of January 14, 2003 between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.99.4# | First Amendment dated as of February 5, 2003 to Revolving Credit Facility dated as of January 14, 2003 between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.99.5# | Second Amendment dated as of November 28, 2003 to Revolving Credit Facility dated as of January 14, 2003 between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.99.6# | Third Amendment dated as of December 13, 2004 to Revolving Credit Facility dated as of January 14, 2003 between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on December 16, 2004) |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.99.7# | Fourth Amendment dated as of February 8, 2005 to Revolving Credit Facility dated as of January 14, 2003 between Pinnacle Airlines, Inc. and Northwest Airlines, Inc. (Incorporated by reference to the Registrant’s Current Report on Form 8-K filed on February 8, 2005) |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.99.8# | Guaranty dated as of January 14, 2003 issued by Registrant to Northwest Airlines, Inc. (Incorporated by reference to the S-1) |
|----------|-------------------------------------------------------------------------------------------------------------------------------|

| 21.1 | List of Subsidiaries (Incorporated by reference to the S-1) |
|------|-------------------------------------------------------------|

| * | Filed herewith |
|---|----------------|

| † | Management contract or compensatory plan or arrangement |
|---------|---------------------------------------------------------|

----

|                                  |                                       |
|---------------------------------------|--------------------------------------------|
|                                  | PINNACLE AIRLINES CORP.                    |
|  By:                        | /s/ Philip H. Trenary                      |
|                                  | Philip H. Trenary                          |
|  Date:  August 7, 2009 | President and Chief Executive Officer      |
|                                  |
|                                  |
|                                  |
|  By:                   | /s/ Peter D. Hunt                          |
|                                  | Peter D. Hunt                              |
|  Date:  August 7, 2009 | Vice President and Chief Financial Officer |
|                                  |                                       |

----