----

----

| x      | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934  |
|--------|------------------------------------------------------------------------------------------|
|   | For the quarterly period ended June 30, 2011                                             |
|   | 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  ̈ |   | No x |
|------------|--------|------|

| Yes x |   | 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)********************************                              | 4      |
|                                                                                                           |   |
| Condensed Consolidated Statements of Cash Flows (Unaudited)***********************                             | 5      |
|                                                                                                           |   |
| Notes to Condensed Consolidated Financial Statements (Unaudited) *******************                           | 6      |
|                                                                                                           |   |
|                                                                                                           |   |
| Item 2.  Management’s Discussion and Analysis of Results of Operations and Financial Condition | 13     |
|                                                                                                           |   |
| Item 3.  Quantitative and Qualitative Disclosures about Market Risk************************          | 22     |
|                                                                                                           |   |
| Item 4.  Controls and Procedures****************************************************                 | 22     |
|                                                                                                           |   |
| Part II.  Other Information                                                                          |   |
|                                                                                                           |   |
| Item 1.  Legal Proceedings*********************************************************                  | 23     |
|                                                                                                           |   |
| Item 1A.  Risk Factors************************************************************                   | 23     |
|                                                                                                           |   |
| Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds***********************          | 23     |
|                                                                                                           |   |
| Item 3.  Defaults Upon Senior Securities**********************************************               | 23     |
|                                                                                                           |   |
| Item 4.  Removed and Reserved****************************************************                    | 23     |
|                                                                                                           |   |
| Item 5.  Other Information*********************************************************                  | 23     |
|                                                                                                           |   |
| Item 6.  Exhibits*****************************************************************                   | 24     |
|                                                                                                           |   |

----

Condensed Consolidated Statements of Operations 

|                                                         |   | Three Months Ended June 30, |    |   | Six Months Ended June 30, |   |
|--------------------------------------------------------------|--------|-----------------------------|---------|--------|---------------------------|--------|
|                                                         |   | 2011                        |    |   | 2010                      |   |   | 2011 |   |   | 2010 |   |
|                                                         |   |                        |    |   |                      |   |   |   |   |   |   |   |
| Operating revenues                                           |   |                        |    |   |                      |   |   |   |   |   |   |   |
| Regional airline services                                    |   | $                           | 314,722 |   |                      | $      | 214,844 |   |   | $ | 608,140 |   |   | $ | 420,333 |   |
| Other                                                        |   |                        | 5,388   |   |                      |   | 3,876 |   |   |   | 10,153 |   |   |   | 6,467 |   |
| Total operating revenues                                     |   |                        | 320,110 |   |                      |   | 218,720 |   |   |   | 618,293 |   |   |   | 426,800 |   |
| Operating expenses                                           |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Salaries, wages and benefits                                 |   |                        | 110,357 |   |                      |   | 60,222 |   |   |   | 211,577 |   |   |   | 119,898 |   |
| Aircraft rentals                                             |   |                        | 34,491  |   |                      |   | 30,004 |   |   |   | 68,533 |   |   |   | 60,055 |   |
| Ground handling services                                     |   |                        | 29,891  |   |                      |   | 22,921 |   |   |   | 57,810 |   |   |   | 47,763 |   |
| Aircraft maintenance, materials and repairs                  |   |                        | 41,927  |   |                      |   | 27,747 |   |   |   | 81,800 |   |   |   | 55,067 |   |
| Other rentals and landing fees                               |   |                        | 26,594  |   |                      |   | 17,411 |   |   |   | 51,512 |   |   |   | 33,323 |   |
| Aircraft fuel                                                |   |                        | 10,871  |   |                      |   | 6,727 |   |   |   | 18,182 |   |   |   | 12,420 |   |
| Commissions and passenger related expense                    |   |                        | 6,894   |   |                      |   | 5,194 |   |   |   | 12,519 |   |   |   | 9,624 |   |
| Depreciation and amortization                                |   |                        | 12,838  |   |                      |   | 8,793 |   |   |   | 25,271 |   |   |   | 17,634 |   |
| Integration, severance, and contract implementation expenses |   |                        | 518     |   |                      |   | - |   |   |   | 6,352 |   |   |   | - |   |
| Other                                                        |   |                        | 35,420  |   |                      |   | 19,932 |   |   |   | 68,149 |   |   |   | 38,551 |   |
| Total operating expenses                                     |   |                        | 309,801 |   |                      |   | 198,951 |   |   |   | 601,705 |   |   |   | 394,335 |   |
| Operating income                                             |   |                        | 10,309  |   |                      |   | 19,769 |   |   |   | 16,588 |   |   |   | 32,465 |   |
| Nonoperating (expense) income                                |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Interest expense, net                                        |   |                        | (13,274 | )      |                      |   | (8,810 | ) |   |   | (25,762 | ) |   |   | (18,601 | ) |
| Miscellaneous income (expense), net                          |   |                        | 1,397   |   |                      |   | (1,231 | ) |   |   | 1,997 |   |   |   | (1,279 | ) |
| Total nonoperating expense                                   |   |                        | (11,877 | )      |                      |   | (10,041 | ) |   |   | (23,765 | ) |   |   | (19,880 | ) |
| (Loss) income before income taxes                            |   |                        | (1,568  | )      |                      |   | 9,728 |   |   |   | (7,177 | ) |   |   | 12,585 |   |
| Income tax (expense) benefit                                 |   |                        | (799    | )      |                      |   | (3,841 | ) |   |   | 1,833 |   |   |   | (5,006 | ) |
| Net (loss) income                                            |   | $                           | (2,367  | )      |                      | $      | 5,887 |   |   | $ | (5,344 | ) |   | $ | 7,579 |   |
|                                                         |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Basic (loss) earnings per share                              |   | $                           | (0.13   | )      |                      | $      | 0.32 |   |   | $ | (0.29 | ) |   | $ | 0.42 |   |
| Diluted (loss) earnings per share                            |   | $                           | (0.13   | )      |                      | $      | 0.32 |   |   | $ | (0.29 | ) |   | $ | 0.41 |   |
|                                                         |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Shares used in computing basic (loss) earnings per share     |   |                        | 18,484  |   |                      |   | 18,137 |   |   |   | 18,429 |   |   |   | 18,112 |   |
| Shares used in computing diluted (loss) earnings per share   |   |                        | 18,484  |   |                      |   | 18,449 |   |   |   | 18,429 |   |   |   | 18,454 |   |

----

Condensed Consolidated Balance Sheets

|                                                                                                                                                             |   |          |      |   |              |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|--------|-------------------|--------|
|                                                                                                                                                             |   | June 30, 2011 |      |   | December 31, 2010 |   |
|                                                                                                                                                             |   | (Unaudited)   |      |   |              |   |
| Assets                                                                                                                                                           |   |          |      |   |              |   |
| Current assets                                                                                                                                                   |   |          |      |   |              |   |
| Cash and cash equivalents                                                                                                                                        |   | $             | 88,729    |   |              | $      | 100,084 |   |
| Restricted cash                                                                                                                                                  |   |          | 8,185     |   |              |   | 8,219 |   |
| Receivables, net                                                                                                                                                 |   |          | 36,687    |   |              |   | 39,401 |   |
| Spare parts and supplies, net                                                                                                                                    |   |          | 36,618    |   |              |   | 34,195 |   |
| Prepaid expenses and other assets                                                                                                                                |   |          | 6,903     |   |              |   | 6,002 |   |
| Deferred income taxes, net of allowance                                                                                                                          |   |          | 12,322    |   |              |   | 14,832 |   |
| Income taxes receivable                                                                                                                                          |   |          | 1,208     |   |              |   | 1,201 |   |
| Total current assets                                                                                                                                             |   |          | 190,652   |   |              |   | 203,934 |   |
| Property and equipment                                                                                                                                           |   |          |      |   |              |   |   |   |
| Flight equipment                                                                                                                                                 |   |          | 1,078,408 |   |              |   | 971,512 |   |
| Aircraft pre-delivery payments                                                                                                                                   |   |          | 3,103     |   |              |   | 21,641 |   |
| Other property and equipment                                                                                                                                     |   |          | 67,818    |   |              |   | 65,544 |   |
| Less accumulated depreciation                                                                                                                                    |   |          | (147,837  | )      |              |   | (123,559 | ) |
| Net property and equipment                                                                                                                                       |   |          | 1,001,492 |   |              |   | 935,138 |   |
| Investments                                                                                                                                                      |   |          | 1,418     |   |              |   | 1,852 |   |
| Other assets, primarily insurance receivables                                                                                                                    |   |          | 290,146   |   |              |   | 308,487 |   |
| Debt issuance costs, net                                                                                                                                         |   |          | 5,210     |   |              |   | 4,799 |   |
| Goodwill                                                                                                                                                         |   |          | 22,282    |   |              |   | 22,282 |   |
| Intangible assets, net                                                                                                                                           |   |          | 20,338    |   |              |   | 22,306 |   |
| Total assets                                                                                                                                                     |   | $             | 1,531,538 |   |              | $      | 1,498,798 |   |
|                                                                                                                                                             |   |          |      |   |              |   |   |   |
| Liabilities and stockholders’ equity                                                                                                                       |   |          |      |   |              |   |   |   |
| Current liabilities                                                                                                                                              |   |          |      |   |              |   |   |   |
| Current maturities of long-term debt                                                                                                                             |   | $             | 62,667    |   |              | $      | 56,414 |   |
| Pre-delivery payment facility                                                                                                                                    |   |          | -         |   |              |   | 19,337 |   |
| Accounts payable                                                                                                                                                 |   |          | 57,671    |   |              |   | 44,389 |   |
| Deferred revenue                                                                                                                                                 |   |          | 25,567    |   |              |   | 26,530 |   |
| Accrued expenses and other current liabilities                                                                                                                   |   |          | 102,218   |   |              |   | 99,670 |   |
| Total current liabilities                                                                                                                                        |   |          | 248,123   |   |              |   | 246,340 |   |
|                                                                                                                                                             |   |          |      |   |              |   |   |   |
| Long-term debt, less current maturities                                                                                                                          |   |          | 732,398   |   |              |   | 664,290 |   |
| Deferred revenue, net of current portion                                                                                                                         |   |          | 146,874   |   |              |   | 158,800 |   |
| Deferred income taxes, net of allowance                                                                                                                          |   |          | 24,106    |   |              |   | 29,328 |   |
| Other liabilities                                                                                                                                                |   |          | 265,317   |   |              |   | 280,547 |   |
|  Commitments and contingencies                                                                                                                              |   |          |      |   |              |   |   |   |
| Stockholders’ equity                                                                                                                                       |   |          |      |   |              |   |   |   |
|      Common stock, $0.01 par value; 40,000,000 shares authorized;23,635,425 and 23,145,908 shares issued in 2011 and 2010, respectively |   |          | 236       |   |              |   | 231 |   |
|      Treasury stock, at cost, 4,585,670 and 4,493,327 shares in 2011 and 2010, respectively                                             |   |          | (69,139   | )      |              |   | (68,479 | ) |
|      Additional paid-in capital                                                                                                         |   |          | 126,956   |   |              |   | 124,652 |   |
|      Accumulated other comprehensive loss                                                                                               |   |          | (13,838   | )      |              |   | (12,760 | ) |
|      Retained earnings                                                                                                                  |   |          | 70,505    |   |              |   | 75,849 |   |
| Total stockholders’ equity                                                                                                                                 |   |          | 114,720   |   |              |   | 119,493 |   |
| Total liabilities and stockholders’ equity                                                                                                                 |   | $             | 1,531,538 |   |              | $      | 1,498,798 |   |

----

Condensed Consolidated Statements of Cash Flows 

|                                                                                                                                               |   | Six Months Ended June 30, |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|---------|
|                                                                                                                                               |   | 2011                      |    |   | 2010 |   |
|                                                                                                                                               |   |                      |    |   |   |   |
| Operating activities                                                                                                                               |   |                      |    |   |   |   |
|   Net (loss) income                                                                                                                      |   | $                         | (5,344  | ) |   | $ | 7,579 |   |
|   Adjustments to reconcile net income to cash provided by operating activities:                                                          |   |                      |    |   |   |   |   |   |
|     Depreciation and amortization                                                                                              |   |                      | 29,181  |   |   |   | 20,562 |   |
|     Deferred income taxes                                                                                                      |   |                      | (2,026  | ) |   |   | 4,056 |   |
|     Recognition of deferred revenue                                                                                            |   |                      | (13,697 | ) |   |   | (14,255 | ) |
|     Other                                                                                                                      |   |                      | 2,893   |   |   |   | 4,409 |   |
|     Changes in operating assets and liabilities:                                                                               |   |                      |    |   |   |   |   |   |
|              Receivables                                                          |   |                      | 2,714   |   |   |   | (253 | ) |
|              Prepaid expenses and other assets                                    |   |                      | (2,145  | ) |   |   | (19,776 | ) |
|              Spare parts and supplies                                             |   |                      | (3,671  | ) |   |   | (2,480 | ) |
|              Income taxes receivable                                              |   |                      | (8      | ) |   |   | 38,918 |   |
|              Accounts payable and accrued expenses                                |   |                      | 16,657  |   |   |   | 3,242 |   |
|              Increase in deferred revenue                                         |   |                      | 808     |   |   |   | 2,817 |   |
|                    Cash provided by operating activities |   |                      | 25,362  |   |   |   | 44,819 |   |
| Investing activities                                                                                                                               |   |                      |    |   |   |   |   |   |
|   Purchases of property and equipment                                                                                                    |   |                      | (6,498  | ) |   |   | (3,223 | ) |
|   Aircraft pre-delivery payments                                                                                                         |   |                      | (3,103  | ) |   |   | (5,344 | ) |
|   Proceeds from sales of investments                                                                                                     |   |                      | 2,407   |   |   |   | 390 |   |
|   Proceeds from sale-leasebacks                                                                                                          |   |                      | 5,800   |   |   |   | - |   |
|   Proceeds from sale of Beech aircraft                                                                                                   |   |                      | -       |   |   |   | 1,450 |   |
|                   Cash used in investing activities      |   |                      | (1,394  | ) |   |   | (6,727 | ) |
| Financing activities                                                                                                                               |   |                      |    |   |   |   |   |   |
|   Proceeds from debt                                                                                                                     |   |                      | 13,409  |   |   |   | 10,000 |   |
|   Payments on debt                                                                                                                       |   |                      | (27,449 | ) |   |   | (28,050 | ) |
|   Payments on pre-delivery payment facility                                                                                              |   |                      | (19,337 | ) |   |   | - |   |
|   Repurchase of senior convertible notes                                                                                                 |   |                      | -       |   |   |   | (30,979 | ) |
|   Other financing activites                                                                                                              |   |                      | (1,946  | ) |   |   | (1,627 | ) |
|                  Cash used in financing activities            |   |                      | (35,323 | ) |   |   | (50,656 | ) |
| Net decrease in cash and cash equivalents                                                                                                          |   |                      | (11,355 | ) |   |   | (12,564 | ) |
| Cash and cash equivalents at beginning of period                                                                                                   |   |                      | 100,084 |   |   |   | 91,574 |   |
| Cash and cash equivalents at end of period                                                                                                         |   | $                         | 88,729  |   |   | $ | 79,010 |   |
| Noncash investing and financing activities                                                                                                         |   |                      |    |   |   |   |   |   |
|  Property and equipment acquired through the issuance of debt                                                                                 |   | $                         | 123,472 |   |   | $ | 20,455 |   |
|  Debt retired and flight equipment disposed of through sale-leaseback transaction                                                             |   | $                         | 35,379  |   |   | $ | - |   |

----

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INDEX

| 1.    Description of Business and Basis of Presentation | 5.    Borrowings                    |
|-----------------------------------------------------------------------------|---------------------------------------------------------|
| 2.    (Loss) Earnings Per Share                         | 6.    Acquisition of Mesaba         |
| 3.    Comprehensive (Loss) Income                       | 7.    Commitments and Contingencies |
| 4.    Investments                                       | 8.    Segment Reporting             |

1.  Description of Business and Basis of Presentation

----

----

2.  (Loss) Earnings Per Share

|                                                                                |   | Three Months Ended June 30, |               |   | Six Months Ended June 30, |   |
|-------------------------------------------------------------------------------------|--------|-----------------------------|--------------------|--------|---------------------------|--------|
|                                                                                |   | 2011                        |               |   | 2010                      |   |   | 2011 |   |   | 2010 |   |
| Net (loss) income                                                                   |   | $                           |   (2,367 | )      |                      | $      | 5,887 |   |   | $ |   (5,344 | ) |   | $ | 7,579 |   |
| Basic (loss) earnings per share                                                     |   | $                           | (0.13              | )      |                      | $      | 0.32 |   |   | $ | (0.29 | ) |   | $ | 0.42 |   |
| Diluted (loss) earnings per share                                                   |   | $                           | (0.13              | )      |                      | $      | 0.32 |   |   | $ | (0.29 | ) |   | $ | 0.41 |   |
|                                                                                |   |                        |               |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Share computation:                                                                  |   |                        |               |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average number of shares outstanding for basic (loss) earnings per share   |   |                        | 18,484             |   |                      |   | 18,137 |   |   |   | 18,429 |   |   |   | 18,112 |   |
| Share-based compensation (1)                                                        |   |                        | -                  |   |                      |   | 312 |   |   |   | - |   |   |   | 342 |   |
| Weighted average number of shares outstanding for diluted (loss) earnings per share |   |                        | 18,484             |   |                      |   | 18,449 |   |   |   | 18,429 |   |   |   | 18,454 |   |

| (1) | During the three and six months ended June 30, 2011, all options to acquire shares were excluded from the computation above as their impact was anti-dilutive.  During the three and six months ended June 30, 2010, options to acquire 1,362 and 1,328 shares, respectively,  were excluded from the computation above as their impact was anti-dilutive. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

3.  Comprehensive (Loss) Income

|                                                                 |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |
|----------------------------------------------------------------------|--------|-----------------------------|--------|--------|---------------------------|--------|
|                                                                 |   | 2011                        |   |   | 2010                      |   |   | 2011 |   |   | 2010 |   |
| Net (loss) income                                                    |   | $                           | (2,367 | )      |                      | $      | 5,887 |   |   | $ | (5,344 | ) |   | $ | 7,579 |   |
| Adjustments:                                                         |   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Recognition of prior service cost(1)                                 |   |                        | -      |   |                      |   | - |   |   |   | (1,990 | ) |   |   | - |   |
| Net amortization of prior service cost and unrealized actuarial gain |   |                        | (2     | )      |                      |   | (4 | ) |   |   | 2 |   |   |   | (7 | ) |
| Change in cash flow hedge unrealized loss                            |   |                        | 452    |   |                      |   | 477 |   |   |   | 910 |   |   |   | 959 |   |
| Total comprehensive (loss) income                                    |   | $                           | (1,917 | )      |                      | $      | 6,360 |   |   | $ | (6,422 | ) |   | $ | 8,531 |   |

| (1) | During the three months ended March 31, 2011, the Company recognized $1,990 in prior service cost due to post-retirement benefits granted to Mesaba’s and Colgan’s pilots in connection with a joint collective bargaining agreement, which was executed on February 17, 2011 and is further discussed in Note 7, Commitments and Contingencies. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

4. Investments

----

|                                                               |   |                                      |   |
|--------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                               |   |        2011 |   |   |        2010 |   |
| Balance at January 1                                               |   | $                                         | 1,852  |   |   | $ | 2,723 |   |
|                                                               |   |                                      |   |   |   |   |   |   |
| Unrealized losses, included in nonoperating expense                |   |                                      | (285   | ) |   |   | (299 | ) |
| Realized gains on redemptions, included in nonoperating expense(1) |   |                                      | 856    |   |   |   | 216 |   |
| Net proceeds from redemptions (2)                                  |   |                                      | (1,026 | ) |   |   | (271 | ) |
| Balance at March 31                                                |   | $                                         | 1,397  |   |   | $ | 2,369 |   |
|                                                               |   |                                      |   |   |   |   |   |   |
| Unrealized gains, included in nonoperating expense                 |   |                                      | 198    |   |   |   | 239 |   |
| Realized gains on redemptions, included in nonoperating expense(1) |   |                                      | 1,204  |   |   |   | 98 |   |
| Net proceeds from redemptions (2)                                  |   |                                      | (1,381 | ) |   |   | (119 | ) |
| Balance at June 30                                                 |   | $                                         | 1,418  |   |   | $ | 2,587 |   |

|   | (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.                                              |

5.  Borrowings

|                                                           |   | As of June 30, 2011 |    |   | As of December 31, 2010 |   |
|----------------------------------------------------------------|--------|---------------------|---------|--------|-------------------------|--------|
| Pre-delivery payment facility, current                         |   | $                   | -       |   |                    | $      | 19,337 |   |
|                                                           |   |                |    |   |                    |   |   |   |
| Secured long-term debt:                                        |   |                |    |   |                    |   |   |   |
|    Current maturities                           |   |                | 62,667  |   |                    |   | 56,414 |   |
|    Noncurrent maturities                        |   |                | 732,398 |   |                    |   | 664,290 |   |
|        Total long-term debt |   |                | 795,065 |   |                    |   | 720,704 |   |
| Total borrowings                                               |   | $                   | 795,065 |   |                    | $      | 740,041 |   |

----

6.  Acquisition of Mesaba

|                       |   | Three Months EndedJune 30, 2010 |    |   | Six Months EndedJune 30, 2010 |   |
|----------------------------|--------|---------------------------------|---------|--------|-------------------------------|--------|
| Operating revenues         |   | $                               | 282,577 |   |                          | $      | 558,793 |   |
| Income before income taxes |   |                            | 9,675   |   |                          |   | 14,584 |   |
| Net income                 |   |                            | 5,794   |   |                          |   | 8,765 |   |
| Diluted earnings per share |   | $                               | 0.31    |   |                          | $      | 0.48 |   |

7. Commitments and Contingencies

----

----

|                                              |   | Three Months Ended June 30, |    |   | Six Months Ended June 30, |   |
|---------------------------------------------------|--------|-----------------------------|---------|--------|---------------------------|--------|
|                                              |   | 2011                        |    |   | 2010                      |   |   | 2011 |   |   | 2010 |   |
| Operating revenues:                               |   |                        |    |   |                      |   |   |   |   |   |   |   |
|     Pinnacle                  |   | $                           | 167,374 |   |                      | $      | 157,301 |   |   | $ | 329,909 |   |   | $ | 313,629 |   |
|     Mesaba                    |   |                        | 73,326  |   |                      |   | - |   |   |   | 141,358 |   |   |   | - |   |
|     Colgan                    |   |                        | 82,676  |   |                      |   | 63,672 |   |   |   | 154,094 |   |   |   | 118,500 |   |
|     Intercompany eliminations |   |                        | (3,266  | )      |                      |   | (2,253 | ) |   |   | (7,068 | ) |   |   | (5,329 | ) |
|     Consolidated              |   | $                           | 320,110 |   |                      | $      | 218,720 |   |   | $ | 618,293 |   |   | $ | 426,800 |   |
|                                              |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Operating income (loss):                          |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|     Pinnacle                  |   | $                           | 2,949   |   |                      | $      | 15,823 |   |   | $ | 11,906 |   |   | $ | 29,558 |   |
|     Mesaba                    |   |                        | 1,767   |   |                      |   | - |   |   |   | 2,874 |   |   |   | - |   |
|     Colgan                    |   |                        | 6,111   |   |                      |   | 3,946 |   |   |   | 8,160 |   |   |   | 2,907 |   |
|     Unallocated(1)            |   |                        | (518    | )      |                      |   | - |   |   |   | (6,352 | ) |   |   | - |   |
|     Consolidated              |   | $                           | 10,309  |   |                      | $      | 19,769 |   |   | $ | 16,588 |   |   | $ | 32,465 |   |

| (1) | As discussed in Note 1, Description of Business and Basis of Presentation, the Company incurred integration, severance, and contract implementation expenses, which are not being allocated to the Company’s reportable segments. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                 |   | June 30, 2011 |      |   | December 31, 2010 |   |
|--------------------------------------|--------|---------------|-----------|--------|-------------------|--------|
| Total assets:                        |   |          |      |   |              |   |
|     Pinnacle     |   | $             | 508,457   |   |              | $      | 516,991 |   |
|     Mesaba       |   |          | 113,997   |   |              |   | 115,497 |   |
|     Colgan       |   |          | 844,447   |   |              |   | 780,131 |   |
|     Unallocated  |   |          | 64,637    |   |              |   | 86,179 |   |
|     Consolidated |   | $             | 1,531,538 |   |              | $      | 1,498,798 |   |

----

Item 2.  Management’s Discussion and Analysis of Results of Operations and Financial Condition

----

----

|                              |   | Three Months Ended June 30, |    |   | Six Months Ended June 30, |   |
|-----------------------------------|--------|-----------------------------|---------|--------|---------------------------|--------|
|                              |   | 2011                        |    |   | 2010                      |   |   | % Change |   |   | 2011 |   |   | 2010 |   |   | % Change |   |
| Total operating revenues          |   | $                           | 320,110 |   |                      | $      | 218,720 |   |   |   | 46 | % |   | $ | 618,293 |   |   | $ | 426,800 |   |   |   | 45 | % |
| Total operating expenses          |   |                        | 309,801 |   |                      |   | 198,951 |   |   |   | 56 | % |   |   | 601,705 |   |   |   | 394,335 |   |   |   | 53 | % |
| Operating income                  |   |                        | 10,309  |   |                      |   | 19,769 |   |   |   | (48 | )% |   |   | 16,588 |   |   |   | 32,465 |   |   |   | (49 | )% |
| Operating margin                  |   |                        | 3.2     | %      |                      |   | 9.0 | % |   | (5.8) pts. |   |   |   | 2.7 | % |   |   | 7.6 | % |   | (4.9) pts. |   |
| Total nonoperating expense        |   |                        | (11,877 | )      |                      |   | (10,041 | ) |   |   | 18 | % |   |   | (23,765 | ) |   |   | (19,880 | ) |   |   | 20 | % |
| (Loss) income before income taxes |   |                        | (1,568  | )      |                      |   | 9,728 |   |   |   |   |   |   |   | (7,177 | ) |   |   | 12,585 |   |   |   |   |   |
| Income tax (expense) benefit      |   |                        | (799    | )      |                      |   | (3,841 | ) |   |   |   |   |   |   | 1,833 |   |   |   | (5,006 | ) |   |   |   |   |
| Net (loss) income                 |   | $                           | (2,367  | )      |                      | $      | 5,887 |   |   |   |   |   |   | $ | (5,344 | ) |   | $ | 7,579 |   |   |   |   |   |

| ·   | increases in pilot labor costs under the new collective bargaining agreement with ALPA, decreasing consolidated operating income by $5.7 million and $8.8 million during the three and six months ended June 30, 2011, respectively, as compared to the same periods in 2010; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | increases in crew-related expenses, including premium pay, hiring, training, and crew overnight accommodations, as a result of the reallocation of our crews based on scheduling changes by our code-share partners, decreasing consolidated operating income by $3.8 million and $4.7 million during the three and six months ended June 30, 2011, respectively, as compared to the same periods in 2010; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | increases in performance penalties, which are recorded as reductions in revenue, incurred under our operating contracts primarily as a result of the pilot reallocation discussed above, decreasing operating income by $2.5 million and $3.0 million during the three and six months ended June 30, 2011, respectively, as compared to the same periods in 2010; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | increases in fuel expenses incurred under our Pro-Rate operations at Colgan of $2.1 million and $3.8 million, respectively, due to increases of 35% and 33% in the price per gallon of aircraft fuel during the three and six months ended June 30, 2011, respectively, as compared to the same periods in 2010; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | expenses attributable to integration, severance, and contract implementation resulted in decreases in operating income of $0.5 million and $6.4 million during the three and six months ended June 30, 2011, respectively, as compared to the same periods in 2010; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the acquisition of Mesaba on July 1, 2010, which resulted in the contribution of $1.8 million and $2.9 million in operating income during the three and six months ended June 30, 2011, respectively, as compared to the same periods in 2010. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                                 |   | Three Months Ended June 30, |    |   | Six Months Ended June 30, |   |
|----------------------------------------------------------------------|--------|-----------------------------|---------|--------|---------------------------|--------|
|                                                                 |   | 2011                        |    |   | 2010                      |   |   | % Change |   |   | 2011 |   |   | 2010 |   |   | % Change |   |
| Financial Results (in thousands)                                     |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Regional airline services              |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         CPAs                 |   | $                           | 167,277 |   |                      | $      | 157,098 |   |   |   | 6 | % |   | $ | 329,788 |   |   | $ | 313,170 |   |   |   | 5 | % |
|      Other revenue                          |   |                        | 97      |   |                      |   | 203 |   |   |   | (52 | )% |   |   | 121 |   |   |   | 459 |   |   |   | (74 | )% |
| Total operating revenues                                             |   |                        | 167,374 |   |                      |   | 157,301 |   |   |   | 6 | % |   |   | 329,909 |   |   |   | 313,629 |   |   |   | 5 | % |
| Total operating expenses                                             |   |                        | 164,425 |   |                      |   | 141,478 |   |   |   | 16 | % |   |   | 318,003 |   |   |   | 284,071 |   |   |   | 12 | % |
| Operating income                                                     |   | $                           | 2,949   |   |                      | $      | 15,823 |   |   |   | (81 | )% |   | $ | 11,906 |   |   | $ | 29,558 |   |   |   | (60 | )% |
| Operating margin                                                     |   |                        | 1.8     | %      |                      |   | 10.1 | % |   | (8.3) pts. |   |   |   | 3.6 | % |   |   | 9.4 | % |   | (5.8) pts. |   |
|                                                                 |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Results                                                    |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating revenue per block hour                                     |   | $                           | 1,538   |   |                      | $      | 1,452 |   |   |   | 6 | % |   | $ | 1,524 |   |   | $ | 1,471 |   |   |   | 4 | % |
| Operating cost per block hour                                        |   | $                           | 1,511   |   |                      | $      | 1,305 |   |   |   | 16 | % |   | $ | 1,469 |   |   | $ | 1,333 |   |   |   | 10 | % |
| Block hours                                                          |   |                        | 108,797 |   |                      |   | 108,371 |   |   |   | 0 | % |   |   | 216,431 |   |   |   | 213,138 |   |   |   | 2 | % |
| Departures                                                           |   |                        | 68,847  |   |                      |   | 70,483 |   |   |   | (2 | )% |   |   | 135,051 |   |   |   | 137,058 |   |   |   | (1 | )% |
| Average daily utilization (block hours)                              |   |                        | 8.46    |   |                      |   | 8.39 |   |   |   | 1 | % |   |   | 8.44 |   |   |   | 8.29 |   |   |   | 2 | % |
| Average stage length (miles)                                         |   |                        | 426     |   |                      |   | 420 |   |   |   | 1 | % |   |   | 424 |   |   |   | 420 |   |   |   | 1 | % |
| Number of operating aircraft    (end of period): |   |                        |    |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     CRJ-200                                      |   |                        | 124     |   |                      |   | 126 |   |   |   | (2 | )% |   |   |   |   |   |   |   |   |   |   |   |   |
|     CRJ-900                                      |   |                        | 16      |   |                      |   | 16 |   |   |   | 0 | % |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                     |   | Three Months Ended June 30, 2011(1) |   |   | Six Months Ended June 30, 2011(1) |   |
|----------------------------------------------------------|--------|-------------------------------------|--------|--------|-----------------------------------|--------|
| Financial Results (in thousands)                         |   |                                |   |   |                              |   |
|      Regional airline services  |   |                                |   |   |                              |   |
|         CPAs     |   | $                                   | 65,868 |   |                              | $      | 132,817 |   |
|         Pro-Rate |   |                                | 7,458  |   |                              |   | 8,541 |   |
| Total operating revenues                                 |   |                                | 73,326 |   |                              |   | 141,358 |   |
| Total operating expenses                                 |   |                                | 71,559 |   |                              |   | 138,484 |   |
| Operating income                                         |   | $                                   | 1,767  |   |                              | $      | 2,874 |   |
| Operating margin                                         |   |                                | 2.4    | %      |                              |   | 2.0 | % |
| Operating Results                                        |   |                                |   |   |                              |   |   |   |
| Operating revenue per block hour                         |   | $                                   | 1,208  |   |                              | $      | 1,173 |   |
| Operating cost per block hour                            |   | $                                   | 1,178  |   |                              | $      | 1,149 |   |
| Block hours                                              |   |                                | 60,755 |   |                              |   | 120,511 |   |
| Departures                                               |   |                                | 36,525 |   |                              |   | 70,960 |   |
| Average daily utilization (block hours)                  |   |                                | 7.79   |   |                              |   | 7.81 |   |
| Average stage length (miles)                             |   |                                | 516    |   |                              |   | 532 |   |
| Number of operating aircraft (end of period)             |   |                                |   |   |                              |   |   |   |
|     CRJ-900                          |   |                                | 41     |   |                              |   |   |   |
|     CRJ-200                          |   |                                | 21     |   |                              |   |   |   |
|     Saab 340 B+                      |   |                                | 23     |   |                              |   |   |   |

| (1) | As previously discussed, the acquisition of Mesaba was completed on July 1, 2010. As such, results of operations for the three and six months ended June 30, 2010 are not presented. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |
|---------------------------------------------------------------------|--------|-----------------------------|--------|--------|---------------------------|--------|
|                                                                |   | 2011                        |   |   | 2010                      |   |   |  % Change |   |   | 2011 |   |   | 2010 |   |   | % Change |   |
| Financial Results (in thousands)                                    |   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Regional airline services             |   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Pro-Rate and EAS    |   | $                           | 39,334 |   |                      | $      | 38,968 |   |   |   | 1 | % |   | $ | 73,420 |   |   | $ | 71,112 |   |   |   | 3 | % |
|         CPA                 |   |                        | 34,785 |   |                      |   | 18,778 |   |   |   | 85 | % |   |   | 63,574 |   |   |   | 36,051 |   |   |   | 76 | % |
|      Other revenue                         |   |                        | 8,557  |   |                      |   | 5,926 |   |   |   | 44 | % |   |   | 17,100 |   |   |   | 11,337 |   |   |   | 51 | % |
| Total operating revenues                                            |   |                        | 82,676 |   |                      |   | 63,672 |   |   |   | 30 | % |   |   | 154,094 |   |   |   | 118,500 |   |   |   | 30 | % |
| Total operating expenses                                            |   |                        | 76,565 |   |                      |   | 59,726 |   |   |   | 28 | % |   |   | 145,934 |   |   |   | 115,593 |   |   |   | 26 | % |
| Operating income                                                    |   | $                           | 6,111  |   |                      | $      | 3,946 |   |   |   |   |   |   | $ | 8,160 |   |   | $ | 2,907 |   |   |   |   |   |
| Operating margin                                                    |   |                        | 7.4    | %      |                      |   | 6.2 | % |   | 1.2 pts. |   |   |   | 5.3 | % |   |   | 2.5 | % |   | 2.8 pts. |   |
|                                                                |   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Results                                                   |   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Pro-Rate and EAS Agreements:                                        |   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue passengers (in thousands)                                   |   |                        | 275    |   |                      |   | 301 |   |   |   | (9 | )% |   |   | 506 |   |   |   | 532 |   |   |   | (5 | )% |
| RPMs (in thousands)                                                 |   |                        | 46,903 |   |                      |   | 51,554 |   |   |   | (9 | )% |   |   | 86,118 |   |   |   | 90,904 |   |   |   | (5 | )% |
| ASMs (in thousands)                                                 |   |                        | 94,108 |   |                      |   | 104,764 |   |   |   | (10 | )% |   |   | 183,268 |   |   |   | 199,515 |   |   |   | (8 | )% |
| Passenger load factor                                               |   |                        | 49.8   | %      |                      |   | 49.2 | % |   | 0.6 pts. |   |   |   | 47.0 | % |   |   | 45.6 | % |   | 1.4 pts. |   |
| Passenger yield (in cents)                                          |   |                        | 83.86  |   |                      |   | 75.59 |   |   |   | 11 | % |   |   | 85.26 |   |   |   | 78.23 |   |   |   | 9 | % |
| Operating revenue per ASM (in cents)                                |   |                        | 41.80  |   |                      |   | 37.20 |   |   |   | 12 | % |   |   | 40.06 |   |   |   | 35.64 |   |   |   | 12 | % |
| Fuel consumption      (in thousands of gallons) |   |                        | 2,305  |   |                      |   | 2,530 |   |   |   | (9 | )% |   |   | 4,518 |   |   |   | 4,901 |   |   |   | (8 | )% |
| Average price per gallon                                            |   | $                           | 3.58   |   |                      | $      | 2.66 |   |   |   | 35 | % |   | $ | 3.37 |   |   | $ | 2.53 |   |   |   | 33 | % |
| Average fare                                                        |   | $                           | 143    |   |                      | $      | 129 |   |   |   | 11 | % |   | $ | 145 |   |   | $ | 134 |   |   |   | 8 | % |

| Capacity Purchase Agreements:     |   |   |    |   |   |   |    |   |   |       |   |   |   |   |    |   |   |   |
|-----------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|------------|--------|--------|--------|--------|---------|--------|--------|--------|
| Revenue passengers (in thousands) |   |   | 754     |   |   |   | 410     |   |   |       | 84     | %      |   |   | 1,216   |   |   |   | 734 |   |   |   | 66 | % |
| RPMs (in thousands)               |   |   | 239,777 |   |   |   | 124,271 |   |   |       | 93     | %      |   |   | 385,915 |   |   |   | 218,521 |   |   |   | 77 | % |
| ASMs (in thousands)               |   |   | 343,060 |   |   |   | 173,319 |   |   |       | 98     | %      |   |   | 590,736 |   |   |   | 319,228 |   |   |   | 85 | % |
| Passenger load factor             |   |   | 69.9    | %      |   |   | 71.7    | %      |   | (1.8) pts. |   |   |   | 65.3   | %       |   |   | 68.5   | % |   | (3.2) pts. |   |
| Operating revenue per block hour  |   | $      | 1,564   |   |   | $      | 1,590   |   |   |       | (2     | )%     |   | $      | 1,611   |   |   | $      | 1,604 |   |   |   | 0 | % |
| Block hours                       |   |   | 22,244  |   |   |   | 11,809  |   |   |       | 88     | %      |   |   | 39,469  |   |   |   | 22,477 |   |   |   | 76 | % |
| Departures                        |   |   | 14,781  |   |   |   | 7,939   |   |   |       | 86     | %      |   |   | 25,654  |   |   |   | 14,966 |   |   |   | 71 | % |

| Total Colgan:                                                         |   |   |    |   |   |   |    |   |   |   |   |   |   |   |    |   |   |   |
|-----------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|
| Average daily utilization (block hours)                               |   |   | 7.54    |   |   |   | 7.51    |   |   |   | 0      | %      |   |   | 7.32    |   |   |   | 7.20 |   |   |   | 2 | % |
| Average stage length (miles)                                          |   |   | 262     |   |   |   | 229     |   |   |   | 14     | %      |   |   | 258     |   |   |   | 226 |   |   |   | 14 | % |
| Operating cost per ASM (in cents)                                     |   |   | 17.51   |   |   |   | 21.48   |   |   |   | (18    | )%     |   |   | 18.85   |   |   |   | 22.28 |   |   |   | (15 | )% |
| Operating cost per block hour                                         |   | $      | 1,829   |   |   | $      | 1,821   |   |   |   | 0      | %      |   | $      | 1,882   |   |   | $      | 1,842 |   |   |   | 2 | % |
| ASMs (in thousands)                                                   |   |   | 437,168 |   |   |   | 278,083 |   |   |   | 57     | %      |   |   | 774,004 |   |   |   | 518,743 |   |   |   | 49 | % |
| Block hours                                                           |   |   | 41,862  |   |   |   | 32,795  |   |   |   | 28     | %      |   |   | 77,538  |   |   |   | 62,746 |   |   |   | 24 | % |
| Departures                                                            |   |   | 31,854  |   |   |   | 26,783  |   |   |   | 19     | %      |   |   | 58,840  |   |   |   | 50,871 |   |   |   | 16 | % |
| Number of operating aircraft      (end of period) |   |   |    |   |   |   |    |   |   |   |   |   |   |   |    |   |   |   |   |   |   |   |   |   |
|      Saab 340                                |   |   | 32      |   |   |   | 34      |   |   |   | (6     | )%     |   |   |    |   |   |   |   |   |   |   |   |   |
|      Q400                                    |   |   | 29      |   |   |   | 14      |   |   |   | 107    | %      |   |   |    |   |   |   |   |   |   |   |   |   |

----

----

----

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.  Removed and Reserved

Item 5.  Other Information

----

Item 6.  Exhibits

| 10.87*+ | Aircraft sale agreement, dated as of June 17, 2011, between Colgan Air, Inc. and Wells Fargo Bank Northwest, National Association |
|---------|-----------------------------------------------------------------------------------------------------------------------------------|

| 10.88*+ | Aircraft Lease Agreement, dated as of June 17, 2011, between the lessor Wells Fargo Bank Northwest, National Association and the lessee, Colgan Air, Inc. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.89*+ | Guaranty, dated as of June 17, 2011 made by Pinnacle Airlines Corp. for the aircraft lease agreement, between Colgan Air, Inc. and Wells Fargo Bank Northwest, National Association |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.90*+ | Equipment Mortgage and Security Agreement, dated as of June 24, 2011, between the grantor, Mesaba Aviation, Inc. and in favor of C.I.T. Leasing Corporation as collateral agent |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.91* | Supplement No. 1, dated as of June 24, 2011, to the Equipment Mortgage and Security Agreement, between the grantor Mesaba Aviation, Inc. and in favor of C.I.T. Leasing Corporation as collateral agent, dated as of June 24, 2011. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.92* | Substitute Term Loan A Note, dated as June 24, 2011, between Pinnacle Airlines Inc., Colgan Air Inc., and Mesaba Aviation, Inc., C.I.T Leasing Corporation, and CIT Bank. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.93* | Term Loan B Note, dated as of June 24, 2011, between Pinnacle Airlines Inc., Colgan Air, Inc., and Mesaba Aviation, Inc., C.I.T Leasing Corporation, and CIT Bank. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.94*+ | Third Amendment, dated June 24, 2011, to the Credit Agreement by and among Pinnacle Airlines, Inc., Colgan Air, Inc. and Mesaba Aviation, Inc., C.I.T. Leasing Corporation, and CIT Bank, dated as of July 30, 2009. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 101.INS** | XBRL Instance Document |
|-----------|------------------------|

| 101.SCH** | XBRL Taxonomy Extension Schema |
|-----------|--------------------------------|

| 101.CAL** | XBRL Taxonomy Extension Calculation Linkbase |
|-----------|----------------------------------------------|

| 101.LAB** | XBRL Taxonomy Extension Labels Linkbase |
|-----------|-----------------------------------------|

| 101.PRE** | XBRL Taxonomy Extension Presentation Linkbase |
|-----------|-----------------------------------------------|

| + |               Certain Portions of this Exhibit have been omitted and filed separately with the Securities and Exchange Commission. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ** |               XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or               prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of                the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                  |                                       |
|---------------------------------------|--------------------------------------------|
|                                  | PINNACLE AIRLINES CORP.                    |
| By:                                   | /s/ Sean E. Menke                          |
|                                  | Sean E. Menke                              |
|  Date:  August 4, 2011 | President and Chief Executive Officer      |
|                                  |
|                                  |
|                                  |
| By:                                   | /s/ Edward M. Christie III                 |
|                                  | Edward M. Christie III                     |
|  Date:  August 4, 2011 | Vice President and Chief Financial Officer |
|                                  |                                       |

----