----

----

| x                                                      | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|--------------------------------------------------------|----------------------------------------------------------------------------------------------------|
|                                                   |                                                                                               |
| For the quarterly period ended September 30, 2011 |
|                                                   |                                                                                               |
| OR                                                     |
|                                                   |                                                                                               |
| 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 September 30, 2011 (unaudited) and December 31, 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 3      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| ●   Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2011 and 2010 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 4      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| ●   Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 11     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| ITEM 3. Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                                              |   | 23     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| ITEM 4. Controls and Procedures                                                                                                                                                                                            |   | 24     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| PART II. OTHER INFORMATION                                                                                                                                                                                                      |   | 24     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| ITEM 1. Legal Proceedings                                                                                                                                                                                                  |   | 24     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| ITEM 1A. Risk Factors                                                                                                                                                                                                      |   | 24     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                                                             |   | 24     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| ITEM 6. Exhibits                                                                                                                                                                                                           |   | 25     |

----

|                                                                                                                                                                                                              |   | September 30, |    |   | December 31, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|---------|--------|--------------|--------|
|                                                                                                                                                                                                              |   | 2011          |    |   | 2010         |   |
|                                                                                                                                                                                                              |   | (unaudited)   |    |   |         |   |
|                                                                                                                                                                                                              |   |          |    |   |         |   |
| Current assets:                                                                                                                                                                                                   |   |          |    |   |         |   |
| Cash and cash equivalents                                                                                                                                                                                         |   | $             | 87,338  |   |         | $      | 113,293 |   |
| Restricted cash                                                                                                                                                                                                   |   |          | 16,862  |   |         |   | 19,787 |   |
| Short-term investments                                                                                                                                                                                            |   |          | 194,583 |   |         |   | 35,695 |   |
| Accounts receivable, net                                                                                                                                                                                          |   |          | 9,044   |   |         |   | 7,852 |   |
| Expendable parts, supplies and fuel, net of allowance for obsolescence of $305 and $170    at September 30, 2011 and December 31, 2010, respectively                                                    |   |          | 14,482  |   |         |   | 13,383 |   |
| Prepaid expenses                                                                                                                                                                                                  |   |          | 27,248  |   |         |   | 24,071 |   |
| Other current assets                                                                                                                                                                                              |   |          | 3,584   |   |         |   | 2,517 |   |
| Total current assets                                                                                                                                                                                              |   |          | 353,141 |   |         |   | 216,598 |   |
| Property and equipment, net                                                                                                                                                                                       |   |          | 302,229 |   |         |   | 267,298 |   |
| Restricted cash, net of current portion                                                                                                                                                                           |   |          | 1,500   |   |         |   | 1,500 |   |
| Long-term investments                                                                                                                                                                                             |   |          | 21,484  |   |         |   | 1,305 |   |
| Investment in and advances to unconsolidated affiliates, net                                                                                                                                                      |   |          | 4,054   |   |         |   | 1,983 |   |
| Deposits and other assets                                                                                                                                                                                         |   |          | 7,644   |   |         |   | 12,582 |   |
| Total assets                                                                                                                                                                                                      |   | $             | 690,052 |   |         | $      | 501,266 |   |
|                                                                                                                                                                                                              |   |          |    |   |         |   |   |   |
| Current liabilities:                                                                                                                                                                                              |   |          |    |   |         |   |   |   |
| Current maturities of long-term debt                                                                                                                                                                              |   | $             | 7,893   |   |         | $      | 16,532 |   |
| Accounts payable                                                                                                                                                                                                  |   |          | 38,478  |   |         |   | 24,759 |   |
| Accrued liabilities                                                                                                                                                                                               |   |          | 17,756  |   |         |   | 23,679 |   |
| Air traffic liability                                                                                                                                                                                             |   |          | 116,967 |   |         |   | 101,397 |   |
| Deferred income taxes                                                                                                                                                                                             |   |          | 255     |   |         |   | 246 |   |
| Total current liabilities                                                                                                                                                                                         |   |          | 181,349 |   |         |   | 166,613 |   |
| Long-term debt and other long-term liabilities:                                                                                                                                                                   |   |          |    |   |         |   |   |   |
| Long-term debt, net of current maturities                                                                                                                                                                         |   |          | 139,951 |   |         |   | 11,604 |   |
| Deferred income taxes                                                                                                                                                                                             |   |          | 29,646  |   |         |   | 25,314 |   |
| Total liabilities                                                                                                                                                                                                 |   |          | 350,946 |   |         |   | 203,531 |   |
| Stockholders' equity:                                                                                                                                                                                             |   |          |    |   |         |   |   |   |
| Common stock, par value $.001, 100,000,000 shares authorized; 21,553,794 and 21,455,634 shares issued; 19,062,369 and 19,005,821 shares outstanding, as of September 30, 2011 and December 31, 2010, respectively |   |          | 22      |   |         |   | 21 |   |
| Treasury stock, at cost, 2,491,425 and 2,449,813 shares at September 30, 2011 and December 31, 2010, respectively                                                                                                 |   |          | (97,713 | )      |         |   | (95,913 | ) |
| Additional paid in capital                                                                                                                                                                                        |   |          | 185,338 |   |         |   | 180,704 |   |
| Accumulated other comprehensive loss                                                                                                                                                                              |   |          | (61     | )      |         |   | (9 | ) |
| Retained earnings                                                                                                                                                                                                 |   |          | 251,520 |   |         |   | 212,932 |   |
| Total stockholders' equity                                                                                                                                                                                        |   |          | 339,106 |   |         |   | 297,735 |   |
| Total liabilities and stockholders' equity                                                                                                                                                                        |   | $             | 690,052 |   |         | $      | 501,266 |   |

----

|                                                                                             |   | Three months ended September 30, |    |   | Nine months ended September 30, |   |
|--------------------------------------------------------------------------------------------------|--------|----------------------------------|---------|--------|---------------------------------|--------|
|                                                                                             |   | 2011                             |    |   | 2010                            |   |   | 2011 |   |   | 2010 |   |
|                                                                                             |   |                             |    |   |                            |   |   |   |   |   |   |   |
| OPERATING REVENUE:                                                                               |   |                             |    |   |                            |   |   |   |   |   |   |   |
| Scheduled service revenue                                                                        |   | $                                | 125,545 |   |                            | $      | 104,188 |   |   | $ | 387,387 |   |   | $ | 322,074 |   |
| Ancillary revenue:                                                                               |   |                             |    |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Air-related charges                                                                              |   |                             | 44,905  |   |                            |   | 43,372 |   |   |   | 136,212 |   |   |   | 129,523 |   |
| Third party products                                                                             |   |                             | 7,842   |   |                            |   | 6,730 |   |   |   | 23,122 |   |   |   | 18,824 |   |
| Total ancillary revenue                                                                          |   |                             | 52,747  |   |                            |   | 50,102 |   |   |   | 159,334 |   |   |   | 148,347 |   |
| Fixed fee contract revenue                                                                       |   |                             | 9,676   |   |                            |   | 8,972 |   |   |   | 31,168 |   |   |   | 30,142 |   |
| Other revenue                                                                                    |   |                             | 3,532   |   |                            |   | 359 |   |   |   | 7,291 |   |   |   | 1,045 |   |
| Total operating revenue                                                                          |   |                             | 191,500 |   |                            |   | 163,621 |   |   |   | 585,180 |   |   |   | 501,608 |   |
|                                                                                             |   |                             |    |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING EXPENSES:                                                                              |   |                             |    |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Aircraft fuel                                                                                    |   |                             | 84,118  |   |                            |   | 62,495 |   |   |   | 249,759 |   |   |   | 182,083 |   |
| Salary and benefits                                                                              |   |                             | 29,517  |   |                            |   | 28,442 |   |   |   | 90,266 |   |   |   | 81,098 |   |
| Station operations                                                                               |   |                             | 17,154  |   |                            |   | 16,268 |   |   |   | 50,180 |   |   |   | 47,443 |   |
| Maintenance and repairs                                                                          |   |                             | 21,075  |   |                            |   | 16,782 |   |   |   | 57,422 |   |   |   | 44,221 |   |
| Sales and marketing                                                                              |   |                             | 4,919   |   |                            |   | 3,908 |   |   |   | 15,576 |   |   |   | 13,109 |   |
| Aircraft lease rentals                                                                           |   |                             | 303     |   |                            |   | 489 |   |   |   | 948 |   |   |   | 1,567 |   |
| Depreciation and amortization                                                                    |   |                             | 10,676  |   |                            |   | 8,779 |   |   |   | 30,722 |   |   |   | 25,821 |   |
| Other                                                                                            |   |                             | 7,007   |   |                            |   | 6,978 |   |   |   | 25,037 |   |   |   | 22,460 |   |
| Total operating expenses                                                                         |   |                             | 174,769 |   |                            |   | 144,141 |   |   |   | 519,910 |   |   |   | 417,802 |   |
| OPERATING INCOME                                                                                 |   |                             | 16,731  |   |                            |   | 19,480 |   |   |   | 65,270 |   |   |   | 83,806 |   |
|                                                                                             |   |                             |    |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| OTHER (INCOME) EXPENSE:                                                                          |   |                             |    |   |                            |   |   |   |   |   |   |   |   |
| (Earnings) loss from unconsolidated affiliates, net                                              |   |                             | (78     | )      |                            |   | (106 | ) |   |   | (92 | ) |   |   | 3 |   |
| Interest income                                                                                  |   |                             | (338    | )      |                            |   | (241 | ) |   |   | (1,000 | ) |   |   | (996 | ) |
| Interest expense                                                                                 |   |                             | 2,255   |   |                            |   | 596 |   |   |   | 5,286 |   |   |   | 2,000 |   |
| Total other (income) expense                                                                     |   |                             | 1,839   |   |                            |   | 249 |   |   |   | 4,194 |   |   |   | 1,007 |   |
| INCOME BEFORE INCOME TAXES                                                                       |   |                             | 14,892  |   |                            |   | 19,231 |   |   |   | 61,076 |   |   |   | 82,799 |   |
| PROVISION FOR INCOME TAXES                                                                       |   |                             | 5,406   |   |                            |   | 6,072 |   |   |   | 22,488 |   |   |   | 29,478 |   |
| NET INCOME                                                                                       |   | $                                | 9,486   |   |                            | $      | 13,159 |   |   | $ | 38,588 |   |   | $ | 53,321 |   |
| Earnings per share to common stockholders:                                                       |   |                             |    |   |                            |   |   |   |   |
| Basic                                                                                            |   | $                                | 0.50    |   |                            | $      | 0.68 |   |   | $ | 2.03 |   |   | $ | 2.70 |   |
| Diluted                                                                                          |   | $                                | 0.49    |   |                            | $      | 0.67 |   |   | $ | 2.01 |   |   | $ | 2.67 |   |
| Weighted average shares outstanding used in computing earnings per share to common stockholders: |   |                             |    |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                            |   |                             | 18,940  |   |                            |   | 19,349 |   |   |   | 18,927 |   |   |   | 19,637 |   |
| Diluted                                                                                          |   |                             | 19,128  |   |                            |   | 19,569 |   |   |   | 19,109 |   |   |   | 19,899 |   |

----

|                                                                              |   | Nine months ended September 30, |     |
|-----------------------------------------------------------------------------------|--------|---------------------------------|----------|
|                                                                              |   | 2011                            |     |   | 2010 |   |
|                                                                              |   |                            |     |   |   |   |
| OPERATING ACTIVITIES:                                                             |   |                            |     |   |   |   |
| Net income                                                                        |   | $                               | 38,588   |   |   | $ | 53,321 |   |
|                                                                              |   |                            |     |   |   |   |   |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                            |     |   |   |   |   |   |
| Depreciation and amortization                                                     |   |                            | 30,722   |   |   |   | 25,821 |   |
| Loss on aircraft and other equipment disposals                                    |   |                            | 4,001    |   |   |   | 1,354 |   |
| Provision for obsolescence of expendable parts, supplies and fuel                 |   |                            | 135      |   |   |   | 135 |   |
| Amortization of deferred financing costs and original issue discount              |   |                            | 273      |   |   |   | - |   |
| Stock-based compensation expense                                                  |   |                            | 3,571    |   |   |   | 3,337 |   |
| Deferred income taxes                                                             |   |                            | 4,341    |   |   |   | 3,305 |   |
| Excess tax benefits from stock-based compensation                                 |   |                            | (225     | ) |   |   | (733 | ) |
| Changes in certain assets and liabilities:                                        |   |                            |     |   |   |   |   |   |
| Restricted cash                                                                   |   |                            | 2,925    |   |   |   | (5,669 | ) |
| Accounts receivable                                                               |   |                            | (1,192   | ) |   |   | (300 | ) |
| Expendable parts, supplies and fuel                                               |   |                            | (1,234   | ) |   |   | (3,232 | ) |
| Prepaid expenses                                                                  |   |                            | (3,177   | ) |   |   | (29,872 | ) |
| Other current assets                                                              |   |                            | (2,344   | ) |   |   | (201 | ) |
| Accounts payable                                                                  |   |                            | 13,815   |   |   |   | 4,070 |   |
| Accrued liabilities                                                               |   |                            | (6,270   | ) |   |   | (12,052 | ) |
| Air traffic liability                                                             |   |                            | 15,570   |   |   |   | 11,219 |   |
| Net cash provided by operating activities                                         |   |                            | 99,499   |   |   |   | 50,503 |   |
| INVESTING ACTIVITIES:                                                             |   |                            |     |   |   |   |   |   |
| Purchase of investment securities                                                 |   |                            | (343,212 | ) |   |   | (57,653 | ) |
| Proceeds from maturities of investment securities                                 |   |                            | 164,094  |   |   |   | 179,381 |   |
| Purchase of property and equipment, including pre-delivery deposits               |   |                            | (68,966  | ) |   |   | (82,236 | ) |
| Proceeds from sale of property and equipment                                      |   |                            | 589      |   |   |   | 374 |   |
| Investment in unconsolidated affiliates, net                                      |   |                            | (2,071   | ) |   |   | (1,217 | ) |
| Decrease in deposits and other assets                                             |   |                            | 7,060    |   |   |   | 2,992 |   |
| Net cash (used in) provided by investing activities                               |   |                            | (242,506 | ) |   |   | 41,641 |   |
| FINANCING ACTIVITIES:                                                             |   |                            |     |   |   |   |   |   |
| Cash dividends paid to shareholders                                               |   |                            | -        |   |   |   | (14,942 | ) |
| Excess tax benefits from stock-based compensation                                 |   |                            | 225      |   |   |   | 733 |   |
| Proceeds from exercise of stock options                                           |   |                            | 1,314    |   |   |   | 2,983 |   |
| Proceeds from exercise of warrants                                                |   |                            | -        |   |   |   | 715 |   |
| Proceeds from the issuance of long-term debt                                      |   |                            | 139,000  |   |   |   | 14,000 |   |
| Repurchase of common stock                                                        |   |                            | (1,800   | ) |   |   | (53,612 | ) |
| Principal payments on long-term debt                                              |   |                            | (19,350  | ) |   |   | (25,938 | ) |
| Payments for deferred financing costs                                             |   |                            | (2,337   | ) |   |   | - |   |
| Net cash provided by (used in) financing activities                               |   |                            | 117,052  |   |   |   | (76,061 | ) |
| Net change in cash and cash equivalents                                           |   |                            | (25,955  | ) |   |   | 16,083 |   |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                  |   |                            | 113,293  |   |   |   | 90,239 |   |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD                                        |   | $                               | 87,338   |   |   | $ | 106,322 |   |
|                                                                              |   |                            |     |   |   |   |   |   |
| NON-CASH TRANSACTIONS:                                                            |   |                            |     |   |   |   |   |   |
| Deposits applied against flight equipment purchase                                |   | $                               | 1,277    |   |   | $ | - |   |

----

----

|                       |   | As of September 30, 2011 |    | As of December 31, 2010 |             |
|----------------------------|--------|--------------------------|---------|-------------------------|------------------|
|                       |   |                     |    |                    | Gross Unrealized |   |   |   |   |   |   |   |   | Gross Unrealized |   |   |   |   |
|                       |   | Cost                     |    |                    | Gains            |   |   | (Losses) |   |   | Market Value |   | Cost |   |   | Gains |   |   | (Losses) |   |   | Market Value |   |
| Municipal debt securities  |   | $                        | 116,078 |                    |             | $ | 41 |   |   | $ | (6 | ) |   | $ | 116,113 |   |   | $ | 132,267 |   |   | $ | 2 |   |   | $ | (11 | ) |   | $ | 132,258 |   |
| Government debt securities |   |                     | 21,764  |                    |             |   | - |   |   |   | (18 | ) |   |   | 21,746 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Commercial paper           |   |                     | 95,273  |                    |             |   | 12 |   |   |   | (72 | ) |   |   | 95,213 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Corporate debt securities  |   |                     | 36,866  |                    |             |   | - |   |   |   | (53 | ) |   |   | 36,813 |   |   |   | 4,870 |   |   |   | - |   |   |   | (2 | ) |   |   | 4,868 |   |
| Total                      |   | $                        | 269,981 |                    |             | $ | 53 |   |   | $ | (149 | ) |   | $ | 269,885 |   |   | $ | 137,137 |   |   | $ | 2 |   |   | $ | (13 | ) |   | $ | 137,126 |   |

| Maturities |   | Amount |    |
|------------|--------|--------|---------|
| Year 2011  |   | $      | 109,627 |   |
| Year 2012  |   |   | 146,265 |   |
| Year 2013  |   |   | 13,993  |   |
| Thereafter |   |   | -       |   |
| Total      |   | $      | 269,885 |   |

|                                                                                                     |   | As of September 30, |    |   | As of December 31, |   |
|----------------------------------------------------------------------------------------------------------|--------|---------------------|---------|--------|--------------------|--------|
|                                                                                                     |   | 2011                |    |   | 2010               |   |
|                                                                                                     |   |                |    |   |               |   |
|                                                                                                     |   |                |    |   |               |   |
| Senior secured term loan facility, interest at LIBOR plus 4.25% with LIBOR floor of 1.5%, due March 2017 |   | $                   | 123,808 |   |               | $      | - |   |
| Note payable, secured by aircraft, interest at 4.95%, due October 2015                                   |   |                | 7,000   |   |               |   | - |   |
| Notes payable, secured by aircraft, interest at 6.28%, due March 2015                                    |   |                | 6,215   |   |               |   | - |   |
| Notes payable, secured by aircraft, interest at 6.26%, due August 2014                                   |   |                | 10,821  |   |               |   | 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                                                                                     |   |                | 147,844 |   |               |   | 28,136 |   |
| Less current maturities                                                                                  |   |                | (7,893  | )      |               |   | (16,532 | ) |
| Long-term debt, net of current maturities                                                                |   | $                   | 139,951 |   |               | $      | 11,604 |   |

----

|                                                             |   | Three months ended September 30, |   |   | Nine months ended September 30, |   |
|------------------------------------------------------------------|--------|----------------------------------|--------|--------|---------------------------------|--------|
|                                                             |   | 2011                             |   |   | 2010                            |   |   | 2011 |   |   | 2010 |   |
|                                                             |   |                             |   |   |                            |   |   |   |   |   |   |   |
| Net income                                                       |   | $                                | 9,486  |   |                            | $      | 13,159 |   |   | $ | 38,588 |   |   | $ | 53,321 |   |
| Other comprehensive (loss) income :                              |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Unrealized (loss) gain on investment securities, net of tax |   | $                                | (83    | )      |                            | $      | 7 |   |   | $ | (52 | ) |   | $ | (96 | ) |
| Total comprehensive income                                       |   | $                                | 9,403  |   |                            | $      | 13,166 |   |   | $ | 38,536 |   |   | $ | 53,225 |   |

----

|                         |   |               |    |   | Fair Value Measurements at Reporting Date Using             |   |
|------------------------------|--------|--------------------|---------|--------|-------------------------------------------------------------|--------|
| Description                  |   | September 30, 2011 |    |   | Quoted Prices inActive Markets forIdentical Assets(Level 1) |   |   | Significant Other Observable Inputs(Level 2) |   |   | SignificantUnobservable Inputs (Level 3) |   |
|                         |   |               |    |   |                                                        |   |   |   |   |   |   |   |
| Cash equivalents             |   |               |    |   |                                                        |   |   |   |   |   |   |   |
| Money market funds           |   | $                  | 16,988  |   |                                                        | $      | 16,988 |   |   | $ | - |   |   | $ | - |   |
| Municipal debt securities    |   |               | 45,733  |   |                                                        |   | - |   |   |   | 45,733 |   |   |   | - |   |
| Commercial paper             |   |               | 8,085   |   |                                                        |   | - |   |   |   | 8,085 |   |   |   | - |   |
| Total cash equivalents       |   | $                  | 70,806  |   |                                                        | $      | 16,988 |   |   | $ | 53,818 |   |   | $ | - |   |
|                         |   |               |    |   |                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Short-term investments       |   |               |    |   |                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Corporate debt securities    |   | $                  | 29,322  |   |                                                        | $      | - |   |   | $ | 29,322 |   |   | $ | - |   |
| Municipal debt securities    |   |               | 70,381  |   |                                                        |   | - |   |   | $ | 70,381 |   |   |   | - |   |
| Commercial paper             |   |               | 87,128  |   |                                                        |   | - |   |   | $ | 87,128 |   |   |   | - |   |
| Government debt securities   |   |               | 7,752   |   |                                                        |   | - |   |   | $ | 7,752 |   |   |   | - |   |
| Total short-term investments |   |               | 194,583 |   |                                                        |   | - |   |   |   | 194,583 |   |   |   | - |   |
| Long-term investments        |   |               |    |   |                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Corporate debt securities    |   |               | 7,491   |   |                                                        |   | - |   |   |   | 7,491 |   |   |   | - |   |
| Government debt securities   |   |               | 13,993  |   |                                                        |   | - |   |   |   | 13,993 |   |   |   | - |   |
| Total long-term investments  |   |               | 21,484  |   |                                                        |   | - |   |   |   | 21,484 |   |   |   | - |   |
|                         |   |               |    |   |                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Total investment securities  |   | $                  | 286,873 |   |                                                        | $      | 16,988 |   |   | $ | 269,885 |   |   | $ | - |   |

----

|                         |   |              |    |   | Fair Value Measurements at Reporting Date Using             |   |
|------------------------------|--------|-------------------|---------|--------|-------------------------------------------------------------|--------|
| Description                  |   | December 31, 2010 |    |   | Quoted Prices inActive Markets forIdentical Assets(Level 1) |   |   | Significant Other Observable Inputs(Level 2) |   |   | SignificantUnobservable Inputs(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    |   |              | 30,827  |   |                                                        |   | - |   |   |   | 30,827 |   |   |   | - |   |
| Total short-term investments |   |              | 35,695  |   |                                                        |   | - |   |   |   | 35,695 |   |   |   | - |   |
| Long-term investments        |   |              |    |   |                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Municipal debt securities    |   |              | 1,305   |   |                                                        |   | - |   |   |   | 1,305 |   |   |   | - |   |
| Total long-term investments  |   |              | 1,305   |   |                                                        |   | - |   |   |   | 1,305 |   |   |   | - |   |
|                         |   |              |    |   |                                                        |   |   |   |   |   |   |   |   |   |   |   |
| Total investment securities  |   | $                 | 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 September 30, |   |   | Nine months ended September 30, |   |
|-----------------------------------------------------------------------------------------------------------|--------|--------|----------------------------------|--------|--------|---------------------------------|--------|
|                                                                                                      |   |   | 2011                             |   |   | 2010                            |   |   | 2011 |   |   | 2010 |   |
| Basic:                                                                                                    |   |   |                             |   |   |                            |   |   |   |   |   |   |
| Net income                                                                                                |   | $      | 9,486                            |   |   | $                               | 13,159 |   |   | $ | 38,588 |   |   | $ | 53,321 |   |
| Less: Net income allocated to participating securities                                                    |   |   | (60                              | )      |   |                            | (88    | ) |   |   | (228 | ) |   |   | (326 | ) |
| Net income attributable to common stock                                                                   |   | $      | 9,426                            |   |   | $                               | 13,071 |   |   | $ | 38,360 |   |   | $ | 52,995 |   |
| Net income per share, basic                                                                               |   | $      | 0.50                             |   |   | $                               | 0.68   |   |   | $ | 2.03 |   |   | $ | 2.70 |   |
|                                                                                                      |   |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average shares outstanding                                                                       |   |   | 18,940                           |   |   |                            | 19,349 |   |   |   | 18,927 |   |   |   | 19,637 |   |
|                                                                                                      |   |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Diluted:                                                                                                  |   |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                |   | $      | 9,486                            |   |   | $                               | 13,159 |   |   | $ | 38,588 |   |   | $ | 53,321 |   |
| Less: Net income allocated to participating securities                                                    |   |   | (60                              | )      |   |                            | -      |   |   |   | (226 | ) |   |   | (215 | ) |
| Net income attributable to common stock                                                                   |   |   | 9,426                            |   |   |                            | 13,159 |   |   |   | 38,362 |   |   |   | 53,106 |   |
| Net income per share, diluted                                                                             |   | $      | 0.49                             |   |   | $                               | 0.67   |   |   | $ | 2.01 |   |   | $ | 2.67 |   |
|                                                                                                      |   |   |                             |   |   |                            |   |   |   |   |   |   |   |   |   |   |   |
| Weighted-average shares outstanding                                                                       |   |   | 18,940                           |   |   |                            | 19,349 |   |   |   | 18,927 |   |   |   | 19,637 |   |
| Dilutive effect of stock options, stock purchase warrants, restricted stock and stock appreciation rights |   |   | 213                              |   |   |                            | 220    |   |   |   | 194 |   |   |   | 311 |   |
| Adjusted weighted-average shares outstanding under treasury stock method                                  |   |   | 19,153                           |   |   |                            | 19,569 |   |   |   | 19,121 |   |   |   | 19,948 |   |
| Participating securities excluded under two-class method                                                  |   |   | (25                              | )      |   |                            | N/A    |   |   |   | (12 | ) |   |   | (49 | ) |
| Adjusted weighted-average shares outstanding under two-class method                                       |   |   | 19,128                           |   |   |                            | N/A    |   |   |   | 19,109 |   |   |   | 19,899 |   |

----

|        |   | As of September 30, 2011 |   |   |      | As of December 31, 2010 |   |   | As of September 30, 2010 |   |
|-------------|--------|--------------------------|--------|--------|-----------|-------------------------|--------|--------|--------------------------|--------|
|        |   | Own (a)                  |   |   |      | Lease                   |   |   | Total                    |   |   |   | Own (a) |   |   | Lease |   |   | Total |   |   | Own (a) |   |   | Lease (b) |   |   | Total |   |
|        |   |                     |   |   |      |                    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| MD82/83/88s |   |                     | 48     |   |  (c) |                    |   | 2      |                     |   |   | 50 |   |  (c) |   |   | 47 |   |   |   | 2 |   |   |   | 49 |   |   |   | 44 |   |   |   | 4 |   |   |   | 48 |   |
| MD87s       |   |                     | 2      |   |      |                    |   | -      |                     |   |   | 2 |   |   |   |   | 3 |   |   |   | - |   |   |   | 3 |   |   |   | 3 |   |   |   | - |   |   |   | 3 |   |
| B757-200    |   |                     | 1      |   |      |                    |   | -      |                     |   |   | 1 |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total       |   |                     | 51     |   |      |                    |   | 2      |                     |   |   | 53 |   |   |   |   | 50 |   |   |   | 2 |   |   |   | 52 |   |   |   | 47 |   |   |   | 4 |   |   |   | 51 |   |

|   |   |   |   |
|--------|--------|--------|--------|

| (a)                           | Does not include aircraft owned, but not yet added to our operating fleet.  See below for further information on our aircraft not yet in 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 one aircraft modified to a 166-seat configuration.                                                                                                        |
| MD-80 Aircraft not in service |

----

|                                            |   | As ofSeptember 30, |   |   | As ofDecember 31, |   |   | As ofSeptember 30, |   |
|-------------------------------------------------|--------|--------------------|--------|--------|-------------------|--------|--------|--------------------|--------|
|                                            |   | 2011               |   |   | 2010              |   |   | 2010               |   |
|                                            |   |               |   |   |              |   |   |               |   |
| Major leisure destinations                      |   |               | 6      |   |              |   | 6      |               |   |   | 6 |   |
| Other leisure destinations                      |   |               | 5      |   |              |   | 5      |               |   |   | 5 |   |
| Small cities served                             |   |               | 61     |   |              |   | 62     |               |   |   | 57 |   |
| Total cities served                             |   |               | 72     |   |              |   | 73     |               |   |   | 68 |   |
|                                            |   |               |   |   |              |   |   |               |   |   |   |   |
| Routes to Las Vegas                             |   |               | 44     |   |              |   | 45     |               |   |   | 40 |   |
| Routes to Orlando airports (a)                  |   |               | 31     |   |              |   | 29     |               |   |   | 29 |   |
| Routes to Phoenix                               |   |               | 27     |   |              |   | 27     |               |   |   | 22 |   |
| Routes to Tampa Bay/St. Petersburg              |   |               | 22     |   |              |   | 20     |               |   |   | 20 |   |
| Routes to Los Angeles (includes Long Beach) (b) |   |               | 16     |   |              |   | 17     |               |   |   | 17 |   |
| Routes to Ft. Lauderdale                        |   |               | 5      |   |              |   | 7      |               |   |   | 5 |   |
| Other routes                                    |   |               | 14     |   |              |   | 15     |               |   |   | 12 |   |
| Total routes                                    |   |               | 159    |   |              |   | 160    |               |   |   | 145 |   |

|   | (a) | In February 2011, we consolidated our Orlando operations back to our original operational base at Orlando Sanford International Airport.  |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (b) | We have announced we will discontinue service to Long Beach in November 2011.                                                                  |

----

|                          |   | Three Months Ended September 30, |   |
|-------------------------------|--------|----------------------------------|--------|
|                          |   | 2011                             |   |   | 2010 |   |
| Total operating revenue       |   |                             | 100.0  | % |   |   | 100.0 | % |
| Operating expenses:           |   |                             |   |   |   |   |   |   |
| Aircraft fuel                 |   |                             | 43.8   |   |   |   | 38.1 |   |
| Salary and benefits           |   |                             | 15.4   |   |   |   | 17.4 |   |
| Station operations            |   |                             | 9.0    |   |   |   | 9.9 |   |
| Maintenance and repairs       |   |                             | 11.0   |   |   |   | 10.3 |   |
| Sales and marketing           |   |                             | 2.6    |   |   |   | 2.4 |   |
| Aircraft lease rentals        |   |                             | 0.2    |   |   |   | 0.3 |   |
| Depreciation and amortization |   |                             | 5.6    |   |   |   | 5.4 |   |
| Other                         |   |                             | 3.7    |   |   |   | 4.3 |   |
| Total operating expenses      |   |                             | 91.3   | % |   |   | 88.1 | % |
| Operating margin              |   |                             | 8.7    | % |   |   | 11.9 | % |

| Operating Revenue |
|-------------------|

|                                                    |   | Three months ended |   |   |   |   |
|---------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|
|                                                    |   | September 30, |   |   |   |   |
|                                                    |   | 2011               |   |   | 2010   |   |   | % Change |   |
| Air-related charges                                     |   | $                  | 30.38  |   |   | $      | 29.14 |   |   |   | 4.3 | % |
| Third party products                                    |   |               | 5.31   |   |   |   | 4.52 |   |   |   | 17.5 | % |
| Total ancillary revenue per scheduled service passenger |   | $                  | 35.69  |   |   | $      | 33.66 |   |   |   | 6.0 | % |

|                                                         |   | Three months ended |          |   |   |   |
|--------------------------------------------------------------|--------|--------------------|---------------|--------|--------|--------|
|                                                         |   | September 30, |          |   |   |   |
| (dollars in thousands)                                       |   | 2011               |          |   | 2010   |   |   | % Change |   |
| Gross ancillary revenue - third party products               |   | $                  | 27,315        |   |   | $      | 22,716 |   |   |   | 20.2% |   |
| Cost of goods sold                                           |   |               | (18,395)      |   |   |   | (15,043 | ) |   |   | 22.3% |   |
| Transaction costs (a)                                        |   |               | (1,078)       |   |   |   | (943 | ) |   |   | 14.3% |   |
| Ancillary revenue - third party products                     |   | $                  | 7,842         |   |   | $      | 6,730 |   |   |   | 16.5% |   |
| As percent of gross ancillary revenue - third party products |   |               | 28.7          | %      |   |   | 29.6 | % |   | (0.9pp) |   |
| Hotel room nights                                            |   |               | 163,000  |   |   |   | 136,000 |   |   | 19.9% |   |
| Rental car days                                              |   |               | 146,000  |   |   |   | 134,000 |   |   | 8.9% |   |

|   |   |   |   |
|--------|--------|--------|--------|

----

| Operating Expenses |
|--------------------|

|                                            |   | Three Months EndedSeptember 30, |   | Percentage |   |
|-------------------------------------------------|--------|--------------------------------------|--------|------------|--------|
|                                            |   | 2011                                 |   |       | 2010   |   | Change |   |
| Aircraft fuel                                   |   | $                                    | 53.28  |       |   | $ | 40.07 |   |   |   | 33.0% |   |
| Salary and benefits                             |   |                                 | 18.70  |       |   |   | 18.23 |   |   |   |  2.6 |   |
| Station operations                              |   |                                 | 10.87  |       |   |   | 10.43 |   |   |   |  4.2 |   |
| Maintenance and repairs                         |   |                                 | 13.35  |       |   |   | 10.76 |   |   |   |  24.1 |   |
| Sales and marketing                             |   |                                 | 3.12   |       |   |   | 2.51 |   |   |   |  24.3 |   |
| Aircraft lease rentals                          |   |                                 | 0.19   |       |   |   | 0.31 |   |   |   | (38.7) |   |
| Depreciation and amortization                   |   |                                 | 6.76   |       |   |   | 5.63 |   |   |   |  20.1 |   |
| Other                                           |   |                                 | 4.44   |       |   |   | 4.47 |   |   |   |  (0.7) |   |
| Operating expense per passenger                 |   | $                                    | 110.71 |       |   | $ | 92.41 |   |   |   | 19.8% |   |
| Operating expense per passenger, excluding fuel |   | $                                    | 57.43  |       |   | $ | 52.34 |   |   |   | 9.7% |   |

|                             |   | Three MonthsEnded September 30, |       | Percentage |   |
|----------------------------------|--------|--------------------------------------|------------|------------|--------|
|                             |   | 2011                                 |       |       | 2010   |   | Change |   |
| Aircraft fuel                    |   |                                 |  5.28 | ¢     |   |   | 3.79 | ¢ |   |   | 39.3% |   |
| Salary and benefits              |   |                                 | 1.85       |       |   |   | 1.73 |   |   |   | 6.9 |   |
| Station operations               |   |                                 | 1.08       |       |   |   | 0.99 |   |   |   | 9.1 |   |
| Maintenance and repairs          |   |                                 | 1.32       |       |   |   | 1.02 |   |   |   | 29.4 |   |
| Sales and marketing              |   |                                 | 0.31       |       |   |   | 0.24 |   |   |   | 29.2 |   |
| Aircraft lease rentals           |   |                                 | 0.02       |       |   |   | 0.03 |   |   |   | (33.3) |   |
| Depreciation and amortization    |   |                                 | 0.67       |       |   |   | 0.53 |   |   |   | 26.4 |   |
| Other                            |   |                                 | 0.44       |       |   |   | 0.42 |   |   |   | 4.8 |   |
| Operating expense per ASM (CASM) |   |                                 | 10.97      | ¢     |   |   | 8.75 | ¢ |   |   | 25.4% |   |
| CASM, excluding fuel             |   |                                 | 5.69       | ¢     |   |   | 4.96 | ¢ |   |   | 14.7% |   |

----

----

|                          |   | Nine Months Ended September 30, |   |
|-------------------------------|--------|--------------------------------------|--------|
|                          |   | 2011                                 |   |   | 2010 |   |
| Total operating revenue       |   |                                 | 100.0  | % |   |   | 100.0 | % |
| Operating expenses:           |   |                                 |   |   |   |   |   |   |
| Aircraft fuel                 |   |                                 | 42.7   |   |   |   | 36.3 |   |
| Salary and benefits           |   |                                 | 15.4   |   |   |   | 16.2 |   |
| Station operations            |   |                                 | 8.6    |   |   |   | 9.5 |   |
| Maintenance and repairs       |   |                                 | 9.8    |   |   |   | 8.8 |   |
| Sales and marketing           |   |                                 | 2.7    |   |   |   | 2.6 |   |
| Aircraft lease rentals        |   |                                 | 0.2    |   |   |   | 0.3 |   |
| Depreciation and amortization |   |                                 | 5.3    |   |   |   | 5.1 |   |
| Other                         |   |                                 | 4.3    |   |   |   | 4.5 |   |
| Total operating expenses      |   |                                 | 89.0   | % |   |   | 83.3 | % |
| Operating margin              |   |                                 | 11.0   | % |   |   | 16.7 | % |

| Operating Revenue |
|-------------------|

|                                                    |   | Nine months ended  |   |   |   |   |
|---------------------------------------------------------|--------|--------------------|--------|--------|--------|--------|
|                                                    |   | September 30, |   |   |   |   |
|                                                    |   | 2011               |   |   | 2010   |   |   | % Change |   |
| Air-related charges                                     |   | $                  | 31.07  |   |   | $      | 30.02 |   |   |   | 3.5% |   |
| Third party products                                    |   |               | 5.27   |   |   |   | 4.36 |   |   |   | 20.9% |   |
| Total ancillary revenue per scheduled service passenger |   | $                  | 36.34  |   |   | $      | 34.38 |   |   |   | 5.7% |   |

----

|                                                         |   | Nine months ended  |     |   |   |   |
|--------------------------------------------------------------|--------|--------------------|----------|--------|--------|--------|
|                                                         |   | September 30, |     |   |   |   |
| (dollars in thousands)                                       |   | 2011               |     |   | 2010   |   |   | % Change |   |
| Gross ancillary revenue - third party                        |   | $                  | 83,399   |   |   | $      | 71,065 |   |   |   | 17.4% |   |
| Cost of goods sold                                           |   |               | (56,757) |   |   |   | (49,019 | ) |   |   | 15.8% |   |
| Transaction costs (a)                                        |   |               | (3,520)  |   |   |   | (3,222 | ) |   |   | 9.2% |   |
| Ancillary revenue - third party products                     |   | $                  | 23,122   |   |   | $      | 18,824 |   |   |   | 22.8% |   |
| As percent of gross ancillary revenue - third party products |   |               | 27.7     | %      |   |   | 26.5 | % |   | 1.2pp |   |
| Hotel room nights                                            |   |               | 505,000  |   |   |   | 449,000 |   |   | 12.5% |   |
| Rental car days                                              |   |               | 479,000  |   |   |   | 494,000 |   |   | (3.0% | ) |

|   |   |   |   |
|--------|--------|--------|--------|

| Operating Expenses |
|--------------------|

|                                            |   | Nine Months EndedSeptember 30, |   | Percentage |   |
|-------------------------------------------------|--------|-------------------------------------|--------|------------|--------|
|                                            |   | 2011                                |   |       | 2010   |   | Change |   |
| Aircraft fuel                                   |   | $                                   | 53.38  |       |   | $ | 40.11 |   |   |   | 33.1% |   |
| Salary and benefits                             |   |                                | 19.30  |       |   |   | 17.86 |   |   |   |  8.1 |   |
| Station operations                              |   |                                | 10.72  |       |   |   | 10.45 |   |   |   |  2.6 |   |
| Maintenance and repairs                         |   |                                | 12.27  |       |   |   | 9.74 |   |   |   |  26.0 |   |
| Sales and marketing                             |   |                                | 3.33   |       |   |   | 2.89 |   |   |   |  15.2 |   |
| Aircraft lease rentals                          |   |                                | 0.20   |       |   |   | 0.35 |   |   |   | (42.9) |   |
| Depreciation and amortization                   |   |                                | 6.57   |       |   |   | 5.69 |   |   |   |  15.5 |   |
| Other                                           |   |                                | 5.35   |       |   |   | 4.95 |   |   |   |  8.1 |   |
| Operating expense per passenger                 |   | $                                   | 111.12 |       |   | $ | 92.04 |   |   |   | 20.7% |   |
| Operating expense per passenger, excluding fuel |   | $                                   | 57.74  |       |   | $ | 51.93 |   |   |   | 11.2% |   |

----

|                             |   | Nine MonthsEnded September 30, |        | Percentage |   |
|----------------------------------|--------|-------------------------------------|-------------|------------|--------|
|                             |   | 2011                                |        |       | 2010   |   | Change |   |
| Aircraft fuel                    |   |                                | 5.21        | ¢     |   |   | 3.79 | ¢ |   |   | 37.5% |   |
| Salary and benefits              |   |                                | 1.89        |       |   |   | 1.69 |   |   |   | 11.8 |   |
| Station operations               |   |                                | 1.05        |       |   |   | 0.99 |   |   |   |  6.1 |   |
| Maintenance and repairs          |   |                                | 1.20        |       |   |   | 0.92 |   |   |   |  30.4 |   |
| Sales and marketing              |   |                                | 0.33        |       |   |   | 0.27 |   |   |   | 22.2 |   |
| Aircraft lease rentals           |   |                                | 0.02        |       |   |   | 0.03 |   |   |   | (33.3) |   |
| Depreciation and amortization    |   |                                | 0.64        |       |   |   | 0.54 |   |   |   |  18.5 |   |
| Other                            |   |                                | 0.52        |       |   |   | 0.47 |   |   |   |  10.6 |   |
| Operating expense per ASM (CASM) |   |                                |  10.86 | ¢     |   |   | 8.70 | ¢ |   |   | 24.8% |   |
| CASM, excluding fuel             |   |                                |  5.64  | ¢     |   |   | 4.91 | ¢ |   |   | 15.1% |   |

----

|                                                  |   | Three months ended September 30, |      | Percent |   |
|-------------------------------------------------------|--------|---------------------------------------|-----------|---------|--------|
|                                                  |   | 2011                                  |      |    | 2010   |   | Change* |   |
|                                                  |   |                                  |      |    |   |   |   |   |   |
| Operating statistics (unaudited):                     |   |                                  |      |    |   |   |   |   |   |
| Total system statistics:                              |   |                                  |      |    |   |   |   |   |   |
| Passengers                                            |   |                                  | 1,578,645 |    |   |   | 1,559,836 |   |   |   | 1.2 |   |
| Revenue passenger miles (RPMs) (thousands)            |   |                                  | 1,425,002 |    |   |   | 1,425,761 |   |   |   | (0.1) |   |
| Available seat miles (ASMs) (thousands)               |   |                                  | 1,593,766 |    |   |   | 1,646,431 |   |   |   | (3.2) |   |
| Load factor                                           |   |                                  | 89.4      | %       |   |   | 86.6 | % |   |   | 2.8 |   |
| Operating revenue per ASM (RASM)** (cents)            |   |                                  | 12.02     |    |   |   | 9.94 |   |   |   | 20.9 |   |
| Operating expense per ASM (CASM) (cents)              |   |                                  | 10.97     |    |   |   | 8.75 |   |   |   | 25.3 |   |
| Fuel expense per ASM (cents)                          |   |                                  | 5.28      |    |   |   | 3.80 |   |   |   | 39.0 |   |
| Operating CASM, excluding fuel (cents)                |   |                                  | 5.69      |    |   |   | 4.96 |   |   |   | 14.7 |   |
| Operating expense per passenger                       |   | $                                     | 110.71    |    |   | $ | 92.41 |   |   |   | 19.8 |   |
| Fuel expense per passenger                            |   | $                                     | 53.28     |    |   | $ | 40.07 |   |   |   | 33.0 |   |
| Operating expense per passenger, excluding fuel       |   | $                                     | 57.42     |    |   | $ | 52.34 |   |   |   | 9.7 |   |
| Departures                                            |   |                                  | 12,527    |    |   |   | 12,761 |   |   |   | (1.8) |   |
| Block hours                                           |   |                                  | 28,050    |    |   |   | 28,748 |   |   |   | (2.4) |   |
| Average stage length (miles)                          |   |                                  | 845       |    |   |   | 865 |   |   |   | (2.3) |   |
| Average number of operating aircraft during period    |   |                                  | 52.3      |    |   |   | 50.6 |   |   |   | 3.4 |   |
| Total aircraft in service at end of period            |   |                                  | 53        |    |   |   | 51 |   |   |   | 3.9 |   |
| Average departures per aircraft per day               |   |                                  | 2.6       |    |   |   | 2.7 |   |   |   | (5.0) |   |
| Average block hours per aircraft per day              |   |                                  | 5.8       |    |   |   | 6.2 |   |   |   | (5.6) |   |
| Full-time equivalent employees at end of period  |   |                                  | 1,545     |    |   |   | 1,623 |   |   |   | (4.8) |   |
| Fuel gallons consumed (thousands)                     |   |                                  | 26,973    |    |   |   | 27,832 |   |   |   | (3.1) |   |
| Average fuel cost per gallon                          |   | $                                     | 3.12      |    |   | $ | 2.25 |   |   |   | 38.9 |   |

----

| Scheduled service statistics:                       |   |   |      |   |   |   |      |   |   |
|-----------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Passengers                                          |   |   | 1,478,046 |   |   |   | 1,488,600 |   |   |   | (0.7) |   |
| Revenue passenger miles (RPMs) (thousands)          |   |   | 1,347,896 |   |   |   | 1,356,043 |   |   |   | (0.6) |   |
| Available seat miles (ASMs) (thousands)             |   |   | 1,462,636 |   |   |   | 1,512,650 |   |   |   | (3.3) |   |
| Load factor                                         |   |   | 92.2      | %      |   |   | 89.6      | %      |   |   | 2.5  |   |
| Departures                                          |   |   | 10,834    |   |   |   | 11,316    |   |   |   | (4.3) |   |
| Average passengers per departure                    |   |   | 136       |   |   |   | 132       |   |   |   | 3.7 |   |
| Block hours                                         |   |   | 25,306    |   |   |   | 26,258    |   |   |   | (3.6) |   |
| Yield (cents)                                       |   |   | 9.31      |   |   |   | 7.68      |   |   |   | 21.2  |   |
| Scheduled service revenue per ASM (PRASM) (cents)   |   |   | 8.58      |   |   |   | 6.89      |   |   |   | 24.6  |   |
| Total ancillary revenue per ASM** (cents)           |   |   | 3.61      |   |   |   | 3.31      |   |   |   | 8.9  |   |
| Total revenue per ASM (TRASM)** (cents)             |   |   | 12.19     |   |   |   | 10.20     |   |   |   | 19.5  |   |
| Average fare — scheduled service              |   | $      | 84.94     |   |   | $      | 69.99     |   |   |   | 21.4  |   |
| Average fare — ancillary air-related charges  |   | $      | 30.38     |   |   | $      | 29.14     |   |   |   | 4.3  |   |
| Average fare — ancillary third party products |   | $      | 5.31      |   |   | $      | 4.52      |   |   |   | 17.4  |   |
| Average fare — total                          |   | $      | 120.63    |   |   | $      | 103.65    |   |   |   | 16.4  |   |
| Average stage length (miles)                        |   |   | 892       |   |   |   | 891       |   |   |   |   0.1 |   |
| Fuel gallons consumed (thousands)                   |   |   | 24,435    |   |   |   | 25,342    |   |   |   | (3.6) |   |
| Average fuel cost per gallon                        |   | $      | 3.32      |   |   | $      | 2.36      |   |   |   | 40.7  |   |
| Percent of sales through website during period      |   |   | 88.2      | %      |   |   | 88.2      | %      |   |   | - |   |

----

|                                               |   | Nine months ended September 30, |      |   | Percent |   |
|----------------------------------------------------|--------|--------------------------------------|-----------|--------|---------|--------|
|                                               |   | 2011                                 |      |   | 2010    |   |   | Change* |   |
|                                               |   |                                 |      |   |    |   |   |   |   |
| Operating statistics (unaudited):                  |   |                                 |      |   |    |   |   |   |   |
| Total system statistics:                           |   |                                 |      |   |    |   |   |   |   |
| Passengers                                         |   |                                 | 4,678,885 |   |    |   | 4,539,405 |   |   |   | 3.1 |   |
| Revenue passenger miles (RPMs) (thousands)         |   |                                 | 4,276,723 |   |    |   | 4,217,904 |   |   |   | 1.4 |   |
| Available seat miles (ASMs) (thousands)            |   |                                 | 4,788,343 |   |    |   | 4,804,743 |   |   |   | (0.3) |   |
| Load factor                                        |   |                                 | 89.3      | %      |    |   | 87.8 | % |   |   | 1.5 |   |
| Operating revenue per ASM (RASM)** (cents)         |   |                                 | 12.22     |   |    |   | 10.44 |   |   |   | 17.1 |   |
| Operating expense per ASM (CASM) (cents)           |   |                                 | 10.86     |   |    |   | 8.70 |   |   |   | 24.9 |   |
| Fuel expense per ASM (cents)                       |   |                                 | 5.22      |   |    |   | 3.79 |   |   |   | 37.6 |   |
| Operating CASM, excluding fuel (cents)             |   |                                 | 5.64      |   |    |   | 4.91 |   |   |   | 15.0 |   |
| Operating expense per passenger                    |   | $                                    | 111.12    |   |    | $      | 92.04 |   |   |   | 20.7 |   |
| Fuel expense per passenger                         |   | $                                    | 53.38     |   |    | $      | 40.11 |   |   |   | 33.1 |   |
| Operating expense per passenger, excluding fuel    |   | $                                    | 57.74     |   |    | $      | 51.93 |   |   |   | 11.2 |   |
| Departures                                         |   |                                 | 37,194    |   |    |   | 36,825 |   |   |   | 1.0 |   |
| Block hours                                        |   |                                 | 85,694    |   |    |   | 85,611 |   |   |   | 0.1 |   |
| Average stage length (miles)                       |   |                                 | 859       |   |    |   | 876 |   |   |   | (1.9) |   |
| Average number of operating aircraft during period |   |                                 | 51.5      |   |    |   | 48.2 |   |   |   | 6.8 |   |
| Total aircraft in service end of period            |   |                                 | 53        |   |    |   | 51 |   |   |   | 3.9 |   |
| Average departures per aircraft per day            |   |                                 | 2.6       |   |    |   | 2.8 |   |   |   | (5.5) |   |
| Average block hours per aircraft per day           |   |                                 | 6.1       |   |    |   | 6.5 |   |   |   | (6.3) |   |
| Full-time equivalent employees at period end       |   |                                 | 1,545     |   |    |   | 1,623 |   |   |   | (4.8) |   |
| Fuel gallons consumed (thousands)                  |   |                                 | 81,386    |   |    |   | 81,549 |   |   |   | (0.2) |   |
| Average fuel cost per gallon                       |   | $                                    | 3.07      |   |    | $      | 2.23 |   |   |   | 37.4 |   |

----

| Scheduled service statistics:                       |   |   |      |   |   |   |      |   |   |
|-----------------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Passengers                                          |   |   | 4,384,370 |   |   |   | 4,314,149 |   |   |   | 1.6 |   |
| Revenue passenger miles (RPMs) (thousands)          |   |   | 4,031,758 |   |   |   | 4,020,703 |   |   |   | 0.3 |   |
| Available seat miles (ASMs) (thousands)             |   |   | 4,366,323 |   |   |   | 4,416,651 |   |   |   | (1.1) |   |
| Load factor                                         |   |   | 92.3      | %      |   |   | 91.0      | %      |   |   | 1.3 |   |
| Departures                                          |   |   | 32,226    |   |   |   | 32,221    |   |   |   | -  |   |
| Average passengers per departure                    |   |   | 136       |   |   |   | 134       |   |   |   |  1.6 |   |
| Block hours                                         |   |   | 77,019    |   |   |   | 77,566    |   |   |   |  (0.7) |   |
| Yield (cents)                                       |   |   | 9.61      |   |   |   | 8.01      |   |   |   |  19.9 |   |
| Scheduled service revenue per ASM (cents)           |   |   | 8.87      |   |   |   | 7.29      |   |   |   |  21.7 |   |
| Total ancillary revenue per ASM** (cents)           |   |   | 3.65      |   |   |   | 3.36      |   |   |   |  8.6 |   |
| Total revenue per ASM (TRASM)** (cents)             |   |   | 12.52     |   |   |   | 10.65     |   |   |   |  17.6 |   |
| Average fare — scheduled service              |   | $      | 88.36     |   |   | $      | 74.66     |   |   |   |  18.4 |   |
| Average fare — ancillary air-related charges  |   | $      | 31.07     |   |   | $      | 30.02     |   |   |   |  3.5 |   |
| Average fare — ancillary third party products |   | $      | 5.27      |   |   | $      | 4.36      |   |   |   |  20.9 |   |
| Average fare — total                          |   | $      | 124.70    |   |   | $      | 109.04    |   |   |   |  14.4 |   |
| Average stage length (miles)                        |   |   | 901       |   |   |   | 914       |   |   |   | (1.4) |   |
| Fuel gallons consumed (thousands)                   |   |   | 73,483    |   |   |   | 73,804    |   |   |   |  (0.4) |   |
| Average fuel cost per gallon                        |   | $      | 3.30      |   |   | $      | 2.37      |   |   |   |  39.2 |   |
| Percent of sales through website during period      |   |   | 88.6      | %      |   |   | 88.3      | %      |   |   |  0.3 |   |

----

----

----

----

| 3.1  | Articles of Incorporation (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.2  | Bylaws of the Company (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 101  | The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 filed with the SEC on November 4, 2011, formatted in XBRL includes: (i) Condensed Consolidated Income Statements for the fiscal periods ended September 30, 2011 and September 30, 2010, (ii) Condensed Consolidated Balance Sheets at September 30, 2011 and December 31, 2010, (iii) Condensed Consolidated Cash Flow Statements for the fiscal periods ended September 30, 2011 and September 30, 2010, and (iv) the Notes to the Condensed Consolidated Financial Statements. (3) |

----

| (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 with the Quarterly Report on Form 10-Q filed with the Commission on November 9, 2009.                                                                                                                                                                                                                                                                                                                                           |
| (3) | Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed to be not filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed part of a registration statement, prospectus or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. |

----

|                   | ALLEGIANT TRAVEL COMPANY    |
|------------------------|-----------------------------|
|                   |                        |
|                   |                        |
| Date: November 4, 2011 | By:                         | /s/ Scott Sheldon |
|                   | Scott Sheldon               |
|                   | Principal Financial Officer |