----

----

|   | x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|---|---------------------------------------------------------------------------------------------------|

|   | o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|---|------------------------------------------------------------------------------------------|

| Nevada                                                         |   | 20-4745737                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or Other Jurisdiction of Incorporation or Organization) |   | (I.R.S. Employer Identification No.) |

| 8360 S. Durango Drive,                   |   |       |
|------------------------------------------|--------|------------|
| Las Vegas, Nevada                        |   | 89113      |
| (Address of Principal Executive Offices) |   | (Zip Code) |

| Large accelerated filer o                |   | Accelerated filer x         |
|-----------------------------------------------|--------|----------------------------------|
|                                          |   |                             |
| Non-accelerated filer o                  |   | Smaller reporting company o |
| (Do not check if a smaller reporting company) |   |                             |

----

----

----

| PART I.  | FINANCIAL INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| ITEM 1.       | Unaudited Condensed Consolidated Financial Statements                                                                                                                                               | 3      |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| ·        | Condensed Consolidated Balance Sheets as of March 31, 2011 (unaudited) and December 31, 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 3      |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| ·        | Condensed Consolidated Statements of Income for the three months ended March 31, 2011 and 2010 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 4      |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| ·        | Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2011 and 2010 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 5      |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| ·        | Notes to Condensed Consolidated Financial Statements (unaudited)                                                                                                                                    | 6      |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| ITEM 2.       | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 12     |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| ITEM 3.       | Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                          | 20     |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| ITEM 4.       | Controls and Procedures                                                                                                                                                                             | 20     |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| PART II. | OTHER INFORMATION                                                                                                                                                                                   | 20     |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| ITEM 1.       | Legal Proceedings                                                                                                                                                                                   | 20     |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| ITEM 1A.      | Risk Factors                                                                                                                                                                                        | 21     |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| ITEM 2.       | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                                         | 21     |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |
| ITEM 6.       | Exhibits                                                                                                                                                                                            | 21     |

----

| ALLEGIANT TRAVEL COMPANY                                                                |
|-----------------------------------------------------------------------------------------|
| CONSOLIDATED BALANCE SHEETS                                                             |
| (in thousands, except for share amounts)                                                |
|                                                                                    |   |
|                                                                                    |   | March 31, |   |   | December 31, |   |
|                                                                                    |   | 2011 |   |   | 2010 |   |
|                                                                                    |   |   |   |   |   |   |
| Current assets:                                                                         |   |   |   |   |   |   |
| Cash and cash equivalents                                                               |   | $ | 115,916 |   |   | $ | 113,293 |   |
| Restricted cash                                                                         |   |   | 21,526 |   |   |   | 21,287 |   |
| Short-term investments                                                                  |   |   | 189,899 |   |   |   | 37,000 |   |
| Accounts receivable, net                                                                |   |   | 9,342 |   |   |   | 7,852 |   |
| Expendable parts, supplies and fuel, net of allowance for obsolescence of $215 and $170 |   |   |   |   |   |   |   |   |
| at March 31, 2011 and December 31, 2010, respectively                                   |   |   | 15,913 |   |   |   | 13,383 |   |
| Prepaid expenses                                                                        |   |   | 30,073 |   |   |   | 24,071 |   |
| Deferred income taxes                                                                   |   |   | 98 |   |   |   | - |   |
| Other current assets                                                                    |   |   | 1,655 |   |   |   | 2,517 |   |
| Total current assets                                                                    |   |   | 384,422 |   |   |   | 219,403 |   |
| Property and equipment, net                                                             |   |   | 297,557 |   |   |   | 267,298 |   |
| Investment in and advances to unconsolidated affiliates, net                            |   |   | 1,896 |   |   |   | 1,983 |   |
| Deposits and other assets                                                               |   |   | 13,343 |   |   |   | 12,582 |   |
| Total assets                                                                            |   | $ | 697,218 |   |   | $ | 501,266 |   |
|                                                                                    |   |   |   |   |   |   |   |   |
| Current liabilities:                                                                    |   |   |   |   |   |   |   |   |
| Current maturities of long term debt                                                    |   | $ | 6,122 |   |   | $ | 16,532 |   |
| Accounts payable                                                                        |   |   | 35,369 |   |   |   | 24,759 |   |
| Accrued liabilities                                                                     |   |   | 17,821 |   |   |   | 23,679 |   |
| Air traffic liability                                                                   |   |   | 152,592 |   |   |   | 101,397 |   |
| Deferred income taxes                                                                   |   |   | 302 |   |   |   | 246 |   |
| Total current liabilities                                                               |   |   | 212,206 |   |   |   | 166,613 |   |
| Long-term debt and other long-term liabilities:                                         |   |   |   |   |   |   |   |   |
| Long term debt, net of current maturities                                               |   |   | 137,694 |   |   |   | 11,604 |   |
| Deferred income taxes                                                                   |   |   | 31,647 |   |   |   | 25,314 |   |
| Total liabilities                                                                       |   |   | 381,547 |   |   |   | 203,531 |   |
| Stockholders' equity:                                                                   |   |   |   |   |   |   |   |   |
| Common stock, par value $.001, 100,000,000 shares authorized;                           |   |   |   |   |   |   |   |   |
| 21,493,268 and 21,455,634 shares issued;                                                |   |   |   |   |   |   |   |   |
| 19,037,565 and 19,005,821 shares outstanding, as of March 31, 2011                      |   |   |   |   |   |   |   |   |
| and December 31, 2010, respectively                                                     |   |   | 21 |   |   |   | 21 |   |
| Treasury stock, at cost, 2,455,703 and 2,449,813 shares at March 31, 2011               |   |   |   |   |   |   |   |   |
| and December 31, 2010, respectively                                                     |   |   | (96,158 | ) |   |   | (95,913 | ) |
| Additional paid in capital                                                              |   |   | 181,740 |   |   |   | 180,704 |   |
| Accumulated other comprehensive loss                                                    |   |   | (17 | ) |   |   | (9 | ) |
| Retained earnings                                                                       |   |   | 230,085 |   |   |   | 212,932 |   |
| Total stockholders' equity                                                              |   |   | 315,671 |   |   |   | 297,735 |   |
| Total liabilities and stockholders' equity                                              |   | $ | 697,218 |   |   | $ | 501,266 |   |

----

|                                                                                            |   | Three months ended March 31, |    |
|-------------------------------------------------------------------------------------------------|--------|------------------------------|---------|
|                                                                                            |   | 2011                         |    |   | 2010 |   |
|                                                                                            |   |                         |    |   |   |   |
| OPERATING REVENUE:                                                                              |   |                         |    |   |   |   |
| Scheduled service revenue                                                                       |   | $                            | 128,533 |   |   | $ | 110,434 |   |
| Ancillary revenue:                                                                              |   |                         |    |   |   |   |   |   |
|   Air-related charges                                                                 |   |                         | 45,316  |   |   |   | 42,650 |   |
|   Third party products                                                                |   |                         | 6,989   |   |   |   | 4,942 |   |
|     Total ancillary revenue                                                 |   |                         | 52,305  |   |   |   | 47,592 |   |
| Fixed fee contract revenue                                                                      |   |                         | 12,022  |   |   |   | 11,267 |   |
| Other revenue                                                                                   |   |                         | 371     |   |   |   | 344 |   |
|    Total operating revenue                                                       |   |                         | 193,231 |   |   |   | 169,637 |   |
|                                                                                            |   |                         |    |   |   |   |   |   |
| OPERATING EXPENSES:                                                                             |   |                         |    |   |   |   |   |   |
| Aircraft fuel                                                                                   |   |                         | 79,187  |   |   |   | 57,366 |   |
| Salary and benefits                                                                             |   |                         | 30,865  |   |   |   | 25,892 |   |
| Station operations                                                                              |   |                         | 16,473  |   |   |   | 15,682 |   |
| Maintenance and repairs                                                                         |   |                         | 16,215  |   |   |   | 12,770 |   |
| Sales and marketing                                                                             |   |                         | 5,250   |   |   |   | 5,083 |   |
| Aircraft lease rentals                                                                          |   |                         | 315     |   |   |   | 507 |   |
| Depreciation and amortization                                                                   |   |                         | 9,890   |   |   |   | 8,691 |   |
| Other                                                                                           |   |                         | 7,209   |   |   |   | 7,401 |   |
|    Total operating expenses                                                      |   |                         | 165,404 |   |   |   | 133,392 |   |
| OPERATING INCOME                                                                                |   |                         | 27,827  |   |   |   | 36,245 |   |
|                                                                                            |   |                         |    |   |   |   |   |   |
| OTHER (INCOME) EXPENSE:                                                                         |   |                         |    |   |   |   |   |   |
| Loss from unconsolidated affiliates, net                                                        |   |                         | 6       |   |   |   | 142 |   |
| Interest income                                                                                 |   |                         | (276    | ) |   |   | (411 | ) |
| Interest expense                                                                                |   |                         | 796     |   |   |   | 749 |   |
|    Total other (income) expense                                                  |   |                         | 526     |   |   |   | 480 |   |
| INCOME BEFORE INCOME TAXES                                                                      |   |                         | 27,301  |   |   |   | 35,765 |   |
| PROVISION FOR INCOME TAXES                                                                      |   |                         | 10,148  |   |   |   | 13,165 |   |
| NET INCOME                                                                                      |   | $                            | 17,153  |   |   | $ | 22,600 |   |
| Earnings per share to common stockholders:                                                      |   |                         |    |   |   |   |   |   |
| Basic                                                                                           |   | $                            | 0.90    |   |   | $ | 1.14 |   |
| Diluted                                                                                         |   | $                            | 0.89    |   |   | $ | 1.12 |   |
| Weighted average shares outstanding used in computingearnings per share to common stockholders: |   |
|                                                                                            |   |                         |    |   |   |   |   |   |
| Basic                                                                                           |   |                         | 18,909  |   |   |   | 19,805 |   |
| Diluted                                                                                         |   |                         | 19,090  |   |   |   | 20,222 |   |

----

|                                                                 |   | Three months ended March 31, |     |
|----------------------------------------------------------------------|--------|------------------------------|----------|
|                                                                 |   | 2011                         |     |   | 2010 |   |
|                                                                 |   |                         |     |   |   |   |
| OPERATING ACTIVITIES:                                                |   |                         |     |   |   |   |
| Net income                                                           |   | $                            | 17,153   |   |   | $ | 22,600 |   |
|                                                                 |   |                         |     |   |   |   |   |   |
| Adjustments to reconcile net income to net cash provided by          |   |                         |     |   |   |   |   |   |
| operating activities:                                                |   |                         |     |   |   |   |   |   |
| Depreciation and amortization                                        |   |                         | 9,890    |   |   |   | 8,691 |   |
| Loss on aircraft and other equipment disposals                       |   |                         | 97       |   |   |   | 858 |   |
| Provision for obsolescence of expendable parts, supplies and fuel    |   |                         | 45       |   |   |   | 45 |   |
| Amortization of deferred financing costs and original issue discount |   |                         | 28       |   |   |   | - |   |
| Stock compensation expense                                           |   |                         | 1,078    |   |   |   | 969 |   |
| Deferred income taxes                                                |   |                         | 6,291    |   |   |   | 2,636 |   |
| Excess tax benefits from stock option exercises                      |   |                         | -        |   |   |   | (209 | ) |
| Changes in certain assets and liabilities:                           |   |                         |     |   |   |   |   |   |
| Restricted cash                                                      |   |                         | (239     | ) |   |   | (2,195 | ) |
| Accounts receivable                                                  |   |                         | (1,490   | ) |   |   | 60 |   |
| Expendable parts, supplies and fuel                                  |   |                         | (2,575   | ) |   |   | (985 | ) |
| Prepaid expenses                                                     |   |                         | (6,002   | ) |   |   | 2,667 |   |
| Other current assets                                                 |   |                         | (415     | ) |   |   | 1,396 |   |
| Accounts payable                                                     |   |                         | 10,508   |   |   |   | 7,032 |   |
| Accrued liabilities                                                  |   |                         | (5,877   | ) |   |   | (5,930 | ) |
| Air traffic liability                                                |   |                         | 51,195   |   |   |   | 31,167 |   |
| Net cash provided by operating activities                            |   |                         | 79,687   |   |   |   | 68,802 |   |
| INVESTING ACTIVITIES:                                                |   |                         |     |   |   |   |   |   |
| Purchase of short-term investments                                   |   |                         | (161,927 | ) |   |   | (49,245 | ) |
| Proceeds from maturities of short-term investments                   |   |                         | 9,020    |   |   |   | 74,909 |   |
| Purchase of property and equipment, including pre-delivery deposits  |   |                         | (40,531  | ) |   |   | (44,004 | ) |
| Proceeds from sale of property and equipment                         |   |                         | 162      |   |   |   | - |   |
| Investment in unconsolidated affiliates, net                         |   |                         | 87       |   |   |   | 91 |   |
| Decrease in deposits and other assets                                |   |                         | 2,887    |   |   |   | 102 |   |
| Net cash used in investing activities                                |   |                         | (190,302 | ) |   |   | (18,147 | ) |
| FINANCING ACTIVITIES:                                                |   |                         |     |   |   |   |   |   |
| Excess tax benefits from stock option exercises                      |   |                         | -        |   |   |   | 209 |   |
| Proceeds from exercise of stock options                              |   |                         | 79       |   |   |   | 1,841 |   |
| Proceeds from the issuance of long term debt                         |   |                         | 132,000  |   |   |   | - |   |
| Repurchase of common stock                                           |   |                         | (245     | ) |   |   | (2,852 | ) |
| Principal payments on long term debt                                 |   |                         | (16,326  | ) |   |   | (6,421 | ) |
| Payments for deferred financing costs                                |   |                         | (2,270   | ) |   |   | - |   |
| Net cash provided by (used in) financing activities                  |   |                         | 113,238  |   |   |   | (7,223 | ) |
| Net change in cash and cash equivalents                              |   |                         | 2,623    |   |   |   | 43,432 |   |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                     |   |                         | 113,293  |   |   |   | 90,239 |   |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD                           |   | $                            | 115,916  |   |   | $ | 133,671 |   |
|                                                                 |   |                         |     |   |   |   |   |   |
| NON-CASH TRANSACTIONS:                                               |   |                         |     |   |   |   |   |   |
| Common stock issued for software operating system                    |   | $                            | -        |   |   | $ | 1,648 |   |
| Deposits applied against flight equipment purchase                   |   | $                            | 1,277    |   |   | $ | - |   |

----

----

|                                                                                                               |   | As of March 31, 2011 |    |   | As of December 31, 2010 |   |
|--------------------------------------------------------------------------------------------------------------------|--------|----------------------|---------|--------|-------------------------|--------|
|                                                                                                               |   |                 |    |   | Gross Unrealized        |   |   |   |   |   |   |   |   | Gross Unrealized |   |   |   |   |
|                                                                                                               |   | Cost                 |    |   | Gains                   |   |   | (Losses) |   |   | Market Value |   |   | Cost |   |   | Gains |   |   | (Losses) |   |   | Market Value |   |
| Debt securities issued by states of the United States and political subdivisions of the states |   | $                    | 131,993 |   |                    | $      | 24 |   |   | $ | (26 | ) |   | $ | 131,991 |   |   | $ | 32,140 |   |   | $ | 2 |   |   | $ | (10 | ) |   | $ | 32,132 |   |
| Commercial paper                                                                                                   |   |                 | 24,949  |   |                    |   | 19 |   |   |   | (6 | ) |   |   | 24,962 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Corporate debt securities                                                                                          |   |                 | 32,976  |   |                    |   | 1 |   |   |   | (31 | ) |   |   | 32,946 |   |   |   | 4,870 |   |   |   | - |   |   |   | (2 | ) |   |   | 4,868 |   |
| Total                                                                                                              |   | $                    | 189,918 |   |                    | $      | 44 |   |   | $ | (63 | ) |   | $ | 189,899 |   |   | $ | 37,010 |   |   | $ | 2 |   |   | $ | (12 | ) |   | $ | 37,000 |   |

| Maturities                                |   | Amount  |    |
|-------------------------------------------|--------|---------|---------|
| Year 2011                  |   | $       | 150,656 |   |
| Year 2012                  |   | 39,243  |    |
| Thereafter                      |   | — |    |
| Total       |   | $       | 189,899 |   |

|                                                                                           |   | As of March 31, |    |   | As of December 31, |   |
|------------------------------------------------------------------------------------------------|--------|-----------------|---------|--------|--------------------|--------|
|                                                                                           |   | 2011            |    |   | 2010               |   |
|                                                                                           |   |            |    |   |
| Senior secured term loan facility, interest at LIBOR plus 4.25%, due March 2017                |   | $               | 124,381 |   |               | $      | - |   |
| Notes payable, secured by aircraft, interest at 6.28%, due March 2015                          |   |            | 7,000   |   |               |   | - |   |
| Notes payable, secured by aircraft, interest at 6.26%, due August 2014                         |   |            | 12,435  |   |               |   | 13,224 |   |
| Notes payable, secured by aircraft, interest at 6%, due April 2012                             |   |            | -       |   |               |   | 6,437 |   |
| Notes payable, secured by aircraft, interest at 8.5%, due November 2011                        |   |            | -       |   |               |   | 6,209 |   |
| Notes payable, secured by aircraft, interest at 6.8%, due June 2011                            |   |            | -       |   |               |   | 1,616 |   |
| Notes payable, secured by aircraft, interest at 6%, due at varying dates through February 2011 |   |            | -       |   |               |   | 650 |   |
| Total long-term debt                                                                           |   |            | 143,816 |   |               |   | 28,136 |   |
| Less current maturities                                                                        |   |            | (6,122  | )      |               |   | (16,532 | ) |
| Long-term debt, net of current maturities                                                      |   | $               | 137,694 |   |               | $      | 11,604 |   |

----

|                                                  |   | Three months ended March 31, |   |
|-------------------------------------------------------|--------|------------------------------|--------|
|                                                  |   | 2011                         |   |   | 2010 |   |
|                                                  |   |                         |   |   |   |   |
| Net income                                            |   | $                            | 17,153 |   |   | $ | 22,600 |   |
| Other comprehensive income (loss):                    |   |                         |   |   |   |   |   |   |
| Unrealized loss on short-term investments, net of tax |   |                         | (8     | ) |   |   | (78 | ) |
| Total comprehensive income                            |   | $                            | 17,145 |   |   | $ | 22,522 |   |

----

|                                                                               |   |      |    |   | Fair Value Measurements at Reporting Date Using |   |
|------------------------------------------------------------------------------------|--------|-----------|---------|--------|-------------------------------------------------|--------|
|                                                                               |   |      |    |   |                                            |   |   |   |   |   |   |   |
|                                                                               |   |      |    |   | Quoted Prices in                                |   |   |   |   |   | Significant |   |
|                                                                               |   |      |    |   | Active Markets for                              |   |   | Significant Other |   |   | Unobservable |   |
|                                                                               |   | March 31, |    |   | Identical Assets                                |   |   | Observable Inputs |   |   | Inputs |   |
| Description                                                                        |   | 2011      |    |   | (Level 1)                                       |   |   | (Level 2) |   |   | (Level 3) |   |
|                                                                               |   |      |    |   |                                            |   |   |   |   |   |   |   |
| Cash equivalents                                                                   |   |      |    |   |                                            |   |   |   |   |   |   |   |
|     Money market funds                                         |   | $         | 40,481  |   |                                            | $      | 40,481 |   |   | $ | - |   |   | $ | - |   |
|     Municipal debt securities                                  |   |      | 56,200  |   |                                            |   | - |   |   |   | 56,200 |   |   |   | - |   |
|         Total cash equivalents             |   |      | 96,681  |   |                                            |   | 40,481 |   |   |   | 56,200 |   |   |   | - |   |
| Short-term investments                                                             |   |      |    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
|     Corporate debt securities                                  |   |      | 32,946  |   |                                            |   | - |   |   |   | 32,946 |   |   |   | - |   |
|     Municipal debt securities                                  |   |      | 131,991 |   |                                            |   | - |   |   |   | 131,991 |   |   |   | - |   |
|     Commercial paper                                           |   |      | 24,962  |   |                                            |   | - |   |   |   | 24,962 |   |   |   | - |   |
|          Total short-term investments |   |      | 189,899 |   |                                            |   | - |   |   |   | 189,899 |   |   |   | - |   |
| Total cash equivalents and short-term investments                                  |   | $         | 286,580 |   |                                            | $      | 40,481 |   |   | $ | 246,099 |   |   | $ | - |   |
|                                                                               |   |      |    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |

|                                                                               |   |         |    |   |                                            |   |   |              |   |   |         |   |
|------------------------------------------------------------------------------------|--------|--------------|---------|--------|-------------------------------------------------|--------|--------|-------------------|--------|--------|--------------|--------|
|                                                                               |   |         |    |   | Fair Value Measurements at Reporting Date Using |   |
|                                                                               |   |         |    |   |                                            |   |   |              |   |   |         |   |
|                                                                               |   |         |    |   | Quoted Prices in                                |   |   |              |   |   | Significant  |   |
|                                                                               |   |         |    |   | Active Markets for                              |   |   | Significant Other |   |   | Unobservable |   |
|                                                                               |   | December 31, |    |   | Identical Assets                                |   |   | Observable Inputs |   |   | Inputs       |   |
| Description                                                                        |   | 2010         |    |   | (Level 1)                                       |   |   | (Level 2)         |   |   | (Level 3)    |   |
|                                                                               |   |         |    |   |                                            |   |   |              |   |   |         |   |
| Cash equivalents                                                                   |   |         |    |   |                                            |   |   |              |   |   |         |   |
|     Money market funds                                         |   | $            | 4,390   |   |                                            | $      | 4,390  |              |   | $      | -            |   |   | $ | - |   |
|     Municipal debt securities                                  |   |         | 100,127 |   |                                            |   | -      |              |   |   | 100,127      |   |   |   | - |   |
|         Total cash equivalents             |   |         | 104,517 |   |                                            |   | 4,390  |              |   |   | 100,127      |   |   |   | - |   |
| Short-term investments                                                             |   |         |    |   |                                            |   |   |              |   |   |         |   |   |   |   |   |
|     Corporate debt securities                                  |   | $            | 4,868   |   |                                            |   | -      |              |   |   | 4,868        |   |   |   | - |   |
|     Municipal debt securities                                  |   |         | 32,132  |   |                                            |   | -      |              |   |   | 32,132       |   |   |   | - |   |
|          Total short-term investments |   |         | 37,000  |   |                                            |   | -      |              |   |   | 37,000       |   |   |   | - |   |
| Total cash equivalents and short-term investments                                  |   | $            | 141,517 |   |                                            | $      | 4,390  |              |   | $      | 137,127      |   |   | $ | - |   |

----

|   | 1. | Assume vesting of restricted stock using the treasury stock method. |
|--------|----|---------------------------------------------------------------------|

|   | 2. | Assume unvested restricted stock awards are not vested, and allocate earnings to common shares and unvested restricted stock awards using the two-class method. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                      |   | Three months ended March 31, |   |
|-----------------------------------------------------------------------------------------------------------|--------|------------------------------|--------|
|                                                                                                      |   | 2011                         |   |   | 2010 |   |
| Basic:                                                                                                    |   |                         |   |   |   |   |
| Net income                                                                                                |   | $                            | 17,153 |   |   | $ | 22,600 |   |
| Less:  Net income allocated to participating securities                                         |   |                         | (90    | ) |   |   | (91 | ) |
| Net income attributable to common stock                                                                   |   | $                            | 17,063 |   |   | $ | 22,509 |   |
| Net income per share, basic                                                                               |   | $                            | 0.90   |   |   | $ | 1.14 |   |
| Weighted-average shares outstanding                                                                       |   |                         | 18,909 |   |   |   | 19,805 |   |
|                                                                                                      |   |                         |   |   |   |   |   |   |
| Diluted:                                                                                                  |   |                         |   |   |   |   |   |   |
| Net income                                                                                                |   |                         | 17,153 |   |   |   | 22,600 |   |
| Less:  Net income allocated to participating securities                                         |   |                         | (89    | ) |   |   | - |   |
| Net income attributable to common stock                                                                   |   |                         | 17,064 |   |   |   | 22,600 |   |
| Net income per share, diluted                                                                             |   | $                            | 0.89   |   |   | $ | 1.12 |   |
|                                                                                                      |   |                         |   |   |   |   |   |   |
| Weighted-average shares outstanding                                                                       |   |                         | 18,909 |   |   |   | 19,805 |   |
| Dilutive effect of stock options, stock purchase warrants, restricted stock and stock appreciation rights |   |                         | 246    |   |   |   | 417 |   |
| Adjusted weighted-average shares outstanding under treasury stock method                                  |   |                         | 19,155 |   |   |   | 20,222 |   |
| Participating securities excluded under two-class method                                                  |   |                         | (65    | ) |   |   | N/A |   |
| Adjusted weighted-average shares outstanding under two-class method                                       |   |                         | 19,090 |   |   |   | N/A |   |

----

|                    |   | March 31, 2011 |   |   | December 31, 2010 |   |   | March 31, 2010 |   |
|-------------------------|--------|----------------|--------|--------|-------------------|--------|--------|----------------|--------|
|                    |   | Own(a)         |   |   | Lease             |   |   | Total          |   |   | Own(a) |   |   | Lease |   |   | Total |   |   | Own(a)(c) |   |   | Lease(b) |   |   | Total |   |
| MD82/83/88s   |   |           | 47     |   |              |   | 2      |           |   |   | 49 |   |   |   | 47 |   |   |   | 2 |   |   |   | 49 |   |   |   | 39 |   |   |   | 4 |   |   |   | 43 |   |
| MD87s                   |   |           | 2      |   |              |   | 0      |           |   |   | 2 |   |   |   | 3 |   |   |   | 0 |   |   |   | 3 |   |   |   | 4 |   |   |   | 0 |   |   |   | 4 |   |
| Total                   |   |           | 49     |   |              |   | 2      |           |   |   | 51 |   |   |   | 50 |   |   |   | 2 |   |   |   | 52 |   |   |   | 43 |   |   |   | 4 |   |   |   | 47 |   |

| (a) | Does not include aircraft owned, but not yet added to our operating fleet. |
|-----|----------------------------------------------------------------------------|

| (b) | In February 2010, we exercised purchase options on two aircraft under operating leases.  In October 2010, we took ownership of these aircraft. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (c) | Includes two aircraft subject to capital leases as of March 31, 2010.  In September 2010, we exercised early purchase options and took ownership of these two aircraft. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Aircraft not in service |
|-------------------------|

|                       |   | As of March 31, |   |   | As of December 31, |   |   | As of March 31, |   |
|----------------------------|--------|-----------------|--------|--------|--------------------|--------|--------|-----------------|--------|
|                       |   | 2011            |   |   | 2010               |   |   | 2010            |   |
|                       |   |            |   |   |               |   |   |            |   |
| Major leisure destinations |   |            | 6      |   |               |   | 6      |            |   |   | 6 |   |
| Other leisure destinations |   |            | 5      |   |               |   | 5      |            |   |   | 5 |   |
| Small cities served        |   |            | 62     |   |               |   | 62     |            |   |   | 57 |   |
| Total cities served        |   |            | 73     |   |               |   | 73     |            |   |   | 68 |   |

| Routes to Las Vegas                         |   |   | 45  |   |   |   | 45  |   |   |   | 39  |   |
|---------------------------------------------|--------|--------|-----|--------|--------|--------|-----|--------|--------|--------|-----|--------|
| Routes to Orlando airports (a)              |   |   | 29  |   |   |   | 29  |   |   |   | 30  |   |
| Routes to Phoenix                           |   |   | 28  |   |   |   | 27  |   |   |   | 20  |   |
| Routes to Tampa Bay/St. Petersburg          |   |   | 21  |   |   |   | 20  |   |   |   | 20  |   |
| Routes to Los Angeles (includes Long Beach) |   |   | 17  |   |   |   | 17  |   |   |   | 11  |   |
| Routes to Ft. Lauderdale                    |   |   | 7   |   |   |   | 7   |   |   |   | 5   |   |
| Other routes                                |   |   | 15  |   |   |   | 15  |   |   |   | 9   |   |
| Total routes                                |   |   | 162 |   |   |   | 160 |   |   |   | 134 |   |

| (a)   | In February 2011, we consolidated our Orlando operations back to our original operational base at Orlando Sanford International Airport. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------|

----

|                          |   | Three Months Ended March 31, |   |
|-------------------------------|--------|------------------------------|--------|
|                          |   | 2011                         |   |   | 2010 |   |
| Total operating revenue       |   |                         | 100.0  | % |   |   | 100.0 | % |
| Operating expenses:           |   |                         |   |   |   |   |   |   |
| Aircraft fuel                 |   |                         | 41.0   |   |   |   | 33.8 |   |
| Salary and benefits           |   |                         | 16.0   |   |   |   | 15.3 |   |
| Station operations            |   |                         | 8.5    |   |   |   | 9.2 |   |
| Maintenance and repairs       |   |                         | 8.4    |   |   |   | 7.5 |   |
| Sales and marketing           |   |                         | 2.7    |   |   |   | 3.0 |   |
| Aircraft lease rentals        |   |                         | 0.2    |   |   |   | 0.3 |   |
| Depreciation and amortization |   |                         | 5.1    |   |   |   | 5.1 |   |
| Other                         |   |                         | 3.7    |   |   |   | 4.4 |   |
| Total operating expenses      |   |                         | 85.6   | % |   |   | 78.6 | % |
| Operating margin              |   |                         | 14.4   | % |   |   | 21.4 | % |

|                                                    |   |                         |   |   |   |   |
|---------------------------------------------------------|--------|------------------------------|--------|--------|--------|--------|
|                                                    |   | Three months ended March 31, |   |   |   |   |
|                                                    |   | 2011                         |   |   | 2010   |   |   | % Change |   |
| Air-related charges                                     |   | $                            | 31.38  |   |   | $      | 31.44 |   |   |   | (0.2 | ) % |
| Third party products                                    |   |                         | 4.84   |   |   |   | 3.64 |   |   |   | 33.0 | % |
| Total ancillary revenue per scheduled service passenger |   | $                            | 36.22  |   |   | $      | 35.08 |   |   |   | 3.2 | % |

----

|                                                |   |                         |    |   |   |   |
|-----------------------------------------------------|--------|------------------------------|---------|--------|--------|--------|
|                                                |   | Three months ended March 31, |    |   |   |   |
| (in thousands)                                      |   | 2011                         |    |   | 2010   |   |   | % Change |   |
| Gross ancillary revenue - third party products      |   | $                            | 26,537  |   |   | $      | 22,489 |   |   |   | 18.0 | % |
| Cost of goods sold                                  |   |                         | (18,316 | )      |   |   | (16,367 | ) |   |   | 11.9 | % |
| Transaction costs (a)                               |   |                         | (1,232  | )      |   |   | (1,180 | ) |   |   | 4.4 | % |
| Ancillary revenue - third party products            |   | $                            | 6,989   |   |   | $      | 4,942 |   |   |   | 41.4 | % |
| As percent of gross ancillary revenue - third party |   |                         | 26.3    | %      |   |   | 22.0 | % |   | 4.3pp |   |

|                                            |   | Three Months Ended March 31, |   |   | Percentage |   |
|-------------------------------------------------|--------|------------------------------|--------|--------|------------|--------|
|                                            |   | 2011                         |   |   | 2010       |   |   | Change |   |
| Aircraft fuel                                   |   | $                            | 51.40  |   |       | $      | 39.91 |   |   |   | 28.8 | % |
| Salary and benefits                             |   |                         | 20.03  |   |       |   | 18.01 |   |   |   | 11.2 |   |
| Station operations                              |   |                         | 10.69  |   |       |   | 10.91 |   |   |   | (2.0 | ) |
| Maintenance and repairs                         |   |                         | 10.52  |   |       |   | 8.88 |   |   |   | 18.5 |   |
| Sales and marketing                             |   |                         | 3.41   |   |       |   | 3.54 |   |   |   | (3.6 | ) |
| Aircraft lease rentals                          |   |                         | 0.20   |   |       |   | 0.35 |   |   |   | (42.0 | ) |
| Depreciation and amortization                   |   |                         | 6.42   |   |       |   | 6.05 |   |   |   | 6.2 |   |
| Other                                           |   |                         | 4.68   |   |       |   | 5.15 |   |   |   | (9.1 | ) |
| Operating expense per passenger                 |   | $                            | 107.36 |   |       | $      | 92.80 |   |   |   | 15.7 | % |
| Operating expense per passenger, excluding fuel |   | $                            | 55.96  |   |       | $      | 52.89 |   |   |   | 5.8 | % |

----

|                             |   | Three Months Ended March 31, |   |   | Percentage |   |
|----------------------------------|--------|---------------------------------------------|--------|--------|------------|--------|
|                             |   | 2011                                        |   |   | 2010       |   |   | Change |   |
| Aircraft fuel                    |   |                                        | 4.89   | ¢ |       |   | 3.68 | ¢ |   |   | 32.9 | % |
| Salary and benefits              |   |                                        | 1.91   |   |       |   | 1.66 |   |   |   | 15.1 |   |
| Station operations               |   |                                        | 1.02   |   |       |   | 1.01 |   |   |   | 1.1 |   |
| Maintenance and repairs          |   |                                        | 1.00   |   |       |   | 0.82 |   |   |   | 22.2 |   |
| Sales and marketing              |   |                                        | 0.32   |   |       |   | 0.33 |   |   |   | (3.0 | ) |
| Aircraft lease rentals           |   |                                        | 0.02   |   |       |   | 0.03 |   |   |   | (33.3 | ) |
| Depreciation and amortization    |   |                                        | 0.61   |   |       |   | 0.56 |   |   |   | 8.9 |   |
| Other                            |   |                                        | 0.45   |   |       |   | 0.48 |   |   |   | (6.2 | ) |
| Operating expense per ASM (CASM) |   |                                        | 10.22  | ¢ |       |   | 8.57 | ¢ |   |   | 19.4 | % |
| CASM, excluding fuel             |   |                                        | 5.33   | ¢ |       |   | 4.88 | ¢ |   |   | 9.2 | % |

----

|                                                |   | Three months ended March 31, |      |   | Percent |   |
|-----------------------------------------------------|--------|-----------------------------------|-----------|--------|---------|--------|
|                                                |   | 2011                              |      |   | 2010    |   |   | Change* |   |
|                                                |   |                              |      |   |    |   |   |   |   |
| Operating statistics (unaudited):                   |   |                              |      |   |    |   |   |   |   |
| Total system statistics:                            |   |                              |      |   |    |   |   |   |   |
| Passengers                                          |   |                              | 1,540,621 |   |    |   | 1,437,459 |   |   |   | 7.2 |   |
| Revenue passenger miles (RPMs) (thousands)          |   |                              | 1,450,110 |   |    |   | 1,373,756 |   |   |   | 5.6 |   |
| Available seat miles (ASMs) (thousands)             |   |                              | 1,617,786 |   |    |   | 1,557,186 |   |   |   | 3.9 |   |
| Load factor                                         |   |                              | 89.6      | %      |    |   | 88.2 | % |   |   | 1.4 |   |
| Operating revenue per ASM (RASM)** (cents)          |   |                              | 11.94     |   |    |   | 10.89 |   |   |   | 9.6 |   |
| Operating expense per ASM (CASM) (cents)            |   |                              | 10.22     |   |    |   | 8.57 |   |   |   | 19.3 |   |
| Fuel expense per ASM (cents)                        |   |                              | 4.89      |   |    |   | 3.68 |   |   |   | 32.9 |   |
| Operating CASM, excluding fuel (cents)              |   |                              | 5.33      |   |    |   | 4.88 |   |   |   | 9.2 |   |
| Operating expense per passenger                     |   | $                                 | 107.36    |   |    | $      | 92.80 |   |   |   | 15.7 |   |
| Fuel expense per passenger                          |   | $                                 | 51.40     |   |    | $      | 39.91 |   |   |   | 28.8 |   |
| Operating expense per passenger, excluding fuel     |   | $                                 | 55.96     |   |    | $      | 52.89 |   |   |   | 5.8 |   |
| Departures                                          |   |                              | 12,237    |   |    |   | 11,700 |   |   |   | 4.6 |   |
| Block hours                                         |   |                              | 29,366    |   |    |   | 28,244 |   |   |   | 4.0 |   |
| Average stage length (miles)                        |   |                              | 885       |   |    |   | 895 |   |   |   | (1.1 | ) |
| Average number of operating aircraft during period  |   |                              | 51.0      |   |    |   | 46.2 |   |   |   | 10.4 |   |
| Total aircraft in service end of period             |   |                              | 51        |   |    |   | 47 |   |   |   | 8.5 |   |
| Average departures per aircraft per day             |   |                              | 2.7       |   |    |   | 2.8 |   |   |   | (3.6 | ) |
| Average block hours per aircraft per day            |   |                              | 6.4       |   |    |   | 6.8 |   |   |   | (5.9 | ) |
| Full-time equivalent employees at period end        |   |                              | 1,615     |   |    |   | 1,602 |   |   |   | 0.8 |   |
| Fuel gallons consumed (thousands)                   |   |                              | 27,546    |   |    |   | 26,402 |   |   |   | 4.3 |   |
| Average fuel cost per gallon                        |   | $                                 | 2.87      |   |    | $      | 2.17 |   |   |   | 32.3 |   |
|                                                |   |                              |      |   |    |   |   |   |   |   |   |   |
| Scheduled service statistics:                       |   |                              |      |   |    |   |   |   |   |   |   |   |
| Passengers                                          |   |                              | 1,444,198 |   |    |   | 1,356,610 |   |   |   | 6.5 |   |
| Revenue passenger miles (RPMs) (thousands)          |   |                              | 1,360,810 |   |    |   | 1,307,966 |   |   |   | 4.0 |   |
| Available seat miles (ASMs) (thousands)             |   |                              | 1,465,028 |   |    |   | 1,426,546 |   |   |   | 2.7 |   |
| Load factor                                         |   |                              | 92.9      | %      |    |   | 91.7 | % |   |   | 1.2 |   |
| Departures                                          |   |                              | 10,603    |   |    |   | 10,081 |   |   |   | 5.2 |   |
| Average passengers per departure                    |   |                              | 136       |   |    |   | 135 |   |   |   | 0.7 |   |
| Block hours                                         |   |                              | 26,244    |   |    |   | 25,355 |   |   |   | 3.5 |   |
| Yield (cents)                                       |   |                              | 9.45      |   |    |   | 8.44 |   |   |   | 12.0 |   |
| Scheduled service revenue per ASM (PRASM) (cents)   |   |                              | 8.77      |   |    |   | 7.74 |   |   |   | 13.3 |   |
| Total ancillary revenue per ASM** (cents)           |   |                              | 3.57      |   |    |   | 3.34 |   |   |   | 6.9 |   |
| Total revenue per ASM (TRASM)** (cents)             |   |                              | 12.34     |   |    |   | 11.08 |   |   |   | 11.4 |   |
| Average fare — scheduled service              |   | $                                 | 89.00     |   |    | $      | 81.40 |   |   |   | 9.3 |   |
| Average fare — ancillary air-related charges  |   | $                                 | 31.38     |   |    | $      | 31.44 |   |   |   | (0.2 | ) |
| Average fare — ancillary third party products |   | $                                 | 4.84      |   |    | $      | 3.64 |   |   |   | 33.0 |   |
| Average fare — total                          |   | $                                 | 125.22    |   |    | $      | 116.49 |   |   |   | 7.5 |   |
| Average stage length (miles)                        |   |                              | 921       |   |    |   | 945 |   |   |   | (2.5 | ) |
| Fuel gallons consumed (thousands)                   |   |                              | 24,719    |   |    |   | 23,706 |   |   |   | 4.3 |   |
| Average fuel cost per gallon                        |   | $                                 | 3.11      |   |    | $      | 2.32 |   |   |   | 34.1 |   |
| Percent of sales through website during period      |   |                              | 89.9      | %      |    |   | 88.3 | % |   |   | 1.6 |   |

----

----

|                                             |   | Total  |    |   | 2011   |   |   | 2012-2013 |   |   | 2014-2015 |   |   | Thereafter |   |
|--------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|-----------|--------|--------|-----------|--------|--------|------------|--------|
| Long-term debt obligations (1)                   |   | $      | 188,075 |   |   | $      | 10,776 |      |   | $      | 41,397    |   |   | $          | 16,499 |   |   | $ | 119,403 |   |
| Operating lease obligations (2)                  |   |   | 60,290  |   |   |   | 9,982  |      |   |   | 28,690    |   |   |       | 17,987 |   |   |   | 3,631 |   |
| Aircraft purchase obligations (3)                |   |   | 20,850  |   |   |   | 20,850 |      |   |   | -         |   |   |       | -      |   |   |   | - |   |
| Total future payments on contractual obligations |   | $      | 269,215 |   |   | $      | 41,608 |      |   | $      | 70,087    |   |   | $          | 34,486 |   |   | $ | 123,034 |   |

| (1) | Amounts for long-term debt obligations represent contractual amounts due, including interest.  Fixed rate debt includes scheduled interest payments.  Interest on variable rate debt was estimated using interest rates in effect as of March 31, 2011.    |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Operating lease obligations include aircraft operating leases and leases of office space and airport station property.  Certain lease rates included in operating leases for airport station property are adjusted with estimation for these periods based on rates in effect as of March 31, 2011. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Aircraft purchase obligations under existing aircraft purchase agreements. |
|-----|----------------------------------------------------------------------------|

----

----

| Period             |   | Total Number ofShares Purchased |   | Average PricePaid per Share |   | Total Number ofShares Purchased asPart of PubliclyAnnounced Plansor Programs |   | Maximum Dollar Value ofShares that MayYet Be PurchasedUnder the Plansor Programs (1) |   |
|--------------------|--------|------------------------------------------------|--------|--------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------|--------|
| January 2011  |   | —                                        |   | $                                          | N/A    |                                                                                                                 | None   |                                                                                                                                   | $      | 46,426,175 |   |
| February 2011 |   | 5,890                                          |   | 41.54                                      |   | None                                                                                                                 |   | 46,426,175                                                                                                                             |   |
| March 2011    |   | —                                        |   | N/A                                        |   | None                                                                                                                 |   | 46,426,175                                                                                                                             |   |
| Total              |   | 5,890                                          |   | $                                          | 41.54  |                                                                                                                 | None   |                                                                                                                                   | $      | 46,426,175 |   |

| Item 6. |   | Exhibits                                                                                                                                                                                                               |
|--------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |   |                                                                                                                                                                                                                   |
| 3.1          |   | Articles of Incorporation (1)                                                                                                                                                                                          |
| 3.2          |   | Bylaws of the Company (2)                                                                                                                                                                                              |
| 10.1         |   | Credit Agreement dated as of March 10, 2011 between the Company, the Lenders, Citadel Securities Trading LLC, as administrative agent, and The Bank of New York Mellon, as collateral agent for the Lenders.  (3) |
| 10.2         |   | Guarantee and Collateral Agreement dated as of March 10, 2011 between the Company and The Bank of New York Mellon, collateral agent.  (3)                                                                         |
| 10.3         |   | Aircraft Security Agreement dated as of March 10, 2011 between the Company and The Bank of New York Mellon, collateral agent.  (3)                                                                                |
| 10.4         |   | Airport Use and Lease Agreement signed on March 17, 2011 between the Company and Clark County Department of Aviation.                                                                                                  |
| 31.1         |   | Rule 13a - 14(a) / 15d - 14(a) Certification of Principal Executive Officer                                                                                                                             |
| 31.2         |   | Rule 13a - 14(a) / 15d - 14(a) Certification of Principal Financial Officer                                                                                                                             |
| 32           |   | Section 1350 Certifications                                                                                                                                                                                       |

| (1) | Incorporated by reference to Exhibit filed with Registration Statement #333-134145 filed by the Company with the Commission and amendments thereto. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Incorporated by reference to Exhibit filed to the Quarterly Report on Form 10-Q filed with the Commission on November 9, 2009. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Portions of the indicated document have been omitted pursuant to a request for confidential treatment and the document indicated has been filed separately with the Commission as required by Rule 24b-2 of the Securities Exchange Act of 1934, as amended. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                    | ALLEGIANT TRAVEL COMPANY    |
|-------------------------|-----------------------------|
|                    |                        |
|                    |                        |
| Date: May 10, 2011 | By:                         | /s/ Scott Sheldon |
|                    | Scott Sheldon               |
|                    | Principal Financial Officer |