0001743907-22-000018 | 10-Q | XBRL Viewer | SUN Country Airlines Holdings INC

Cover	9 Months Ended
Cover	Sep. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-40217
Entity Registrant Name	Sun Country Airlines Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4092570
Entity Address, Address Line One	2005 Cargo Road
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55450
City Area Code	651
Local Phone Number	681-3900
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SNCY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	58,166,674
Entity Central Index Key	0001743907
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and Cash Equivalents	$ 131,912	$ 309,338
Restricted Cash	14,163	8,447
Investments	135,170	6,283
Accounts Receivable, net of an allowance for credit losses of $175 and $250, respectively	31,628	30,156
Short-term Lessor Maintenance Deposits	1,211	5,505
Inventory, net of a reserve for obsolescence of $1,255 and $1,275, respectively	7,280	5,405
Prepaid Expenses	11,692	8,511
Other Current Assets	4,684	1,798
Total Current Assets	337,740	375,443
Property & Equipment, net:
Finance Lease Assets	262,060	209,457
Total Property & Equipment	948,638	695,587
Accumulated Depreciation & Amortization	(159,779)	(117,069)
Total Property & Equipment, net	788,859	578,518
Other Assets:
Goodwill	222,223	222,223
Other Intangible Assets, net	86,110	89,110
Operating Lease Right-of-use Assets	23,919	61,658
Aircraft Deposits	9,128	10,021
Long-term Lessor Maintenance Deposits	29,714	20,346
Deferred Tax Asset	14,734	17,608
Other Assets	9,017	5,495
Total Other Assets	394,845	426,461
Total Assets	1,521,444	1,380,422
Current Liabilities:
Accounts Payable	49,969	39,805
Accrued Salaries, Wages, and Benefits	25,900	28,527
Accrued Transportation Taxes	11,000	12,736
Air Traffic Liabilities	132,830	118,562
Over-market Liabilities	1,535	4,309
Finance Lease Obligations	17,484	11,705
Loyalty Program Liabilities	13,045	11,451
Operating Lease Obligations	6,281	17,231
Current Maturities of Long-term Debt	45,535	29,412
Income Tax Receivable Agreement Liability	2,260	0
Other Current Liabilities	14,850	7,913
Total Current Liabilities	320,689	281,651
Long-term Liabilities:
Over-market Liabilities	1,423	10,428
Finance Lease Obligations	237,644	180,450
Loyalty Program Liabilities	3,272	8,267
Operating Lease Obligations	21,508	58,810
Long-term Debt	324,662	248,014
Income Tax Receivable Agreement Liability	101,540	98,800
Other Long-term Liabilities	2,701	3,413
Total Long-term Liabilities	692,750	608,182
Total Liabilities	1,013,439	889,833
Commitments and Contingencies (see Note 13)
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Common stock, with $0.01 par value, 995,000,000 shares authorized, 58,168,497 and 57,872,452 issued at September 30, 2022 and December 31, 2021, respectively	582	579
Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Preferred stock, with $0.01 par value, 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2022 and December 31, 2021	0	0
Treasury stock, at cost, 1,823 shares held at September 30, 2022 and no shares held at December 31, 2021	(52)	0
Additional Paid-In Capital	493,493	485,638
Retained Earnings	14,764	4,372
Accumulated Other Comprehensive Loss	(782)	0
Total Stockholders' Equity	508,005	490,589
Total Liabilities and Stockholders' Equity	1,521,444	1,380,422
Aircraft and Flight Equipment
Property & Equipment, net:
Aircraft and Flight Equipment	628,375	447,319
Ground Equipment and Leasehold Improvements
Property & Equipment, net:
Aircraft and Flight Equipment	33,809	20,876
Computer Hardware and Software
Property & Equipment, net:
Aircraft and Flight Equipment	10,402	8,785
Rotable Parts
Property & Equipment, net:
Aircraft and Flight Equipment	$ 13,992	$ 9,150

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts Receivable, allowance for credit losses	$ 175	$ 250
Inventory, reserve for obsolescence	$ 1,255	$ 1,275
Common stock-par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	995,000,000	995,000,000
Common stock, shares issued (in shares)	58,168,497	57,872,452
Preferred stock-par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock (in shares)	1,823	0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Revenues:
Total Operating Revenue	$ 221,700	$ 173,663	$ 667,290	$ 450,464
Operating Expenses:
Aircraft Fuel	64,843	36,647	206,334	90,631
Salaries, Wages, and Benefits	58,661	43,424	178,576	129,815
Aircraft Rent	1,949	3,925	7,347	13,339
Maintenance	11,018	9,660	35,794	30,170
Sales and Marketing	6,827	5,470	23,336	16,402
Depreciation and Amortization	17,181	14,710	49,364	41,532
Ground Handling	8,669	7,873	24,838	19,654
Landing Fees and Airport Rent	12,926	12,069	32,708	29,606
Special Items, net	0	(65)	0	(72,419)
Other Operating, net	24,235	18,629	68,401	50,026
Total Operating Expenses	206,309	152,342	626,698	348,756
Operating Income	15,391	21,321	40,592	101,708
Non-operating Income (Expense):
Interest Income	1,610	28	2,166	52
Interest Expense	(7,493)	(6,286)	(23,097)	(19,487)
Other, net	3,422	456	(5,156)	18,505
Total Non-operating Expense, net	(2,461)	(5,802)	(26,087)	(930)
Income Before Income Tax	12,930	15,519	14,505	100,778
Income Tax Expense	2,253	2,140	4,113	18,444
Net Income	$ 10,677	$ 13,379	$ 10,392	$ 82,334
Net Income per share to common stockholders:
Basic (in dollars per share)	$ 0.18	$ 0.23	$ 0.18	$ 1.51
Diluted (in dollars per share)	$ 0.18	$ 0.22	$ 0.17	$ 1.40
Shares used for computation:
Basic (in shares)	58,146,606	57,355,104	58,039,201	54,368,231
Diluted (in shares)	60,793,516	61,712,378	61,372,735	58,699,991
Passenger
Operating Revenues:
Total Operating Revenue	$ 195,360	$ 147,718	$ 592,753	$ 377,042
Cargo
Operating Revenues:
Total Operating Revenue	23,687	24,400	65,930	68,084
Other
Operating Revenues:
Total Operating Revenue	$ 2,653	$ 1,545	$ 8,607	$ 5,338

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net Income	$ 10,677	$ 13,379	$ 10,392	$ 82,334
Other Comprehensive Loss:
Net unrealized loss on Available-for-Sale securities, net of deferred tax benefit of $244, $—, $309 and $—, respectively	(562)	0	(782)	0
Other Comprehensive Loss	(562)	0	(782)	0
Comprehensive Income	$ 10,115	$ 13,379	$ 9,610	$ 82,334

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Loans to Stockholders	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Loss
Common stock, outstanding, at beginning of period (in shares) at Dec. 31, 2020		46,839,659
Balances, at beginning of period at Dec. 31, 2020	$ 283,817	$ 468	$ (3,500)		$ 248,525	$ 38,324
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares Surrendered by Stockholders (in shares)		(140,737)
Shares Surrendered by Stockholders	0	$ (1)	3,500		(3,499)
Initial Public Offering, net (in shares)		10,454,545
Initial Public Offering, net	224,657	$ 105			224,552
Net Income (Loss)	16,778					16,778
Income Tax Receivable Agreement	(115,200)					(115,200)
Amazon Warrants	1,400				1,400
Stock-based Compensation	2,870				2,870
Common stock, outstanding, at end of period (in shares) at Mar. 31, 2021		57,153,467
Balances, at end of period at Mar. 31, 2021	414,322	$ 572	0		473,848	(60,098)
Common stock, outstanding, at beginning of period (in shares) at Dec. 31, 2020		46,839,659
Balances, at beginning of period at Dec. 31, 2020	283,817	$ 468	(3,500)		248,525	38,324
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	82,334
Common stock, outstanding, at end of period (in shares) at Sep. 30, 2021		57,551,741
Balances, at end of period at Sep. 30, 2021	487,142	$ 576	0		481,108	5,458
Common stock, outstanding, at beginning of period (in shares) at Mar. 31, 2021		57,153,467
Balances, at beginning of period at Mar. 31, 2021	414,322	$ 572	0		473,848	(60,098)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	52,177					52,177
Amazon Warrants	1,400				1,400
Stock-based Compensation	744				744
Initial Public Offering Expense Adjustment	349				349
Stock Option Exercises (in shares)		5,000
Stock Option Exercises	27				27
Common stock, outstanding, at end of period (in shares) at Jun. 30, 2021		57,158,467
Balances, at end of period at Jun. 30, 2021	469,019	$ 572	0		476,368	(7,921)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	13,379					13,379
Amazon Warrants	1,400				1,400
Stock-based Compensation	964				964
Stock Option Exercises (in shares)		393,274
Stock Option Exercises	2,380	$ 4			2,376
Common stock, outstanding, at end of period (in shares) at Sep. 30, 2021		57,551,741
Balances, at end of period at Sep. 30, 2021	487,142	$ 576	$ 0		481,108	5,458
Common stock, outstanding, at beginning of period (in shares) at Dec. 31, 2021		57,872,452
Balances, at beginning of period at Dec. 31, 2021	$ 490,589	$ 579		$ 0	485,638	4,372	$ 0
Treasury Stock, at beginning of period (in shares) at Dec. 31, 2021	0			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	$ 3,637					3,637
Amazon Warrants	1,400				1,400
Stock-based Compensation	920				920
Stock Option Exercises (in shares)		91,868
Stock Option Exercises	523	$ 1			522
Common stock, outstanding, at end of period (in shares) at Mar. 31, 2022		57,964,320
Balances, at end of period at Mar. 31, 2022	497,069	$ 580		$ 0	488,480	8,009	0
Treasury Stock, at end of period (in shares) at Mar. 31, 2022				0
Common stock, outstanding, at beginning of period (in shares) at Dec. 31, 2021		57,872,452
Balances, at beginning of period at Dec. 31, 2021	$ 490,589	$ 579		$ 0	485,638	4,372	0
Treasury Stock, at beginning of period (in shares) at Dec. 31, 2021	0			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	$ 10,392
Common stock, outstanding, at end of period (in shares) at Sep. 30, 2022		58,168,497
Balances, at end of period at Sep. 30, 2022	$ 508,005	$ 582		$ (52)	493,493	14,764	(782)
Treasury Stock, at end of period (in shares) at Sep. 30, 2022	1,823			1,823
Common stock, outstanding, at beginning of period (in shares) at Mar. 31, 2022		57,964,320
Balances, at beginning of period at Mar. 31, 2022	$ 497,069	$ 580		$ 0	488,480	8,009	0
Treasury Stock, at beginning of period (in shares) at Mar. 31, 2022				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(3,922)					(3,922)
Amazon Warrants	1,400				1,400
Stock-based Compensation	575				575
Stock Issued for Stock-Based Awards (in shares)		181,404
Stock Issued for Stock-Based Awards	1,038	$ 1			1,037
Net Stock Settlement of Stock-Based Awards (in shares)				1,823
Net Stock Settlement of Stock-Based Awards	(52)			$ (52)
Other Comprehensive Loss	(220)						(220)
Common stock, outstanding, at end of period (in shares) at Jun. 30, 2022		58,145,724
Balances, at end of period at Jun. 30, 2022	495,888	$ 581		$ (52)	491,492	4,087	(220)
Treasury Stock, at end of period (in shares) at Jun. 30, 2022				1,823
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	10,677					10,677
Amazon Warrants	1,400				1,400
Stock-based Compensation	487				487
Stock Issued for Stock-Based Awards (in shares)		22,773
Stock Issued for Stock-Based Awards	115	$ 1			114
Other Comprehensive Loss	(562)						(562)
Common stock, outstanding, at end of period (in shares) at Sep. 30, 2022		58,168,497
Balances, at end of period at Sep. 30, 2022	$ 508,005	$ 582		$ (52)	$ 493,493	$ 14,764	$ (782)
Treasury Stock, at end of period (in shares) at Sep. 30, 2022	1,823			1,823

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from Operating Activities
Net Income (Loss)	$ 10,392	$ 82,334
Adjustments to reconcile Net Income to Cash from Operating Activities:
Depreciation and Amortization	49,364	41,532
Tax Receivable Agreement Adjustment	5,000	(19,800)
Operating Lease Right-of-use Assets	(199)	12,920
Non-Cash (Gain) Loss on Asset Transactions, net	(318)	2
Unrealized (Gain) on Fuel Derivatives	0	(3,527)
Amortization of Over-market Liabilities	(2,453)	(4,159)
Deferred Income Taxes	3,183	18,340
Amazon Warrants Vested	4,200	4,200
Stock-based Compensation Expense	1,981	4,577
Amortization of Debt Issuance Costs and Debt Securities	467	963
Loss on Extinguishment of Debt	1,557	1,224
Changes in Operating Assets and Liabilities:
Accounts Receivable	(88)	34
Inventory	(1,402)	(456)
Prepaid Expenses	(3,188)	(3,153)
Lessor Maintenance Deposits	(10,256)	(5,464)
Aircraft Deposits	(2,569)	1,162
Other Assets	(5,478)	2,297
Accounts Payable	8,674	2,257
Accrued Transportation Taxes	(1,736)	2,999
Air Traffic Liabilities	14,269	3,972
Loyalty Program Liabilities	(3,401)	(1,759)
Operating Lease Obligations	(61)	(32,651)
Other Liabilities	3,733	8,514
Net Cash Provided by Operating Activities	71,671	116,358
Cash Flows from Investing Activities:
Purchases of Property & Equipment	(177,658)	(118,016)
Proceeds from the Sale of Property & Equipment	777	0
Proceeds from Insurance Settlements	8,865	0
Purchases of Investments	(130,529)	(1,436)
Proceeds from the Sale of Investments	935	1,062
Net Cash Used in Investing Activities	(297,610)	(118,390)
Cash Flows from Financing Activities:
Cash Received from Stock Offering	0	235,894
Costs of Stock Offering	0	(8,706)
Proceeds from Stock Option and Warrant Exercises	1,656	2,407
Taxes Paid for Net Stock Settlement of Stock-Based Awards	(31)	0
Proceeds from Borrowings	188,277	80,500
Repayment of Finance Lease Obligations	(37,842)	(9,113)
Repayment of Borrowings	(95,305)	(75,728)
Debt Issuance Costs	(2,526)	(2,560)
Net Cash Provided by Financing Activities	54,229	222,694
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(171,710)	220,662
Cash, Cash Equivalents and Restricted Cash--Beginning of the Period	317,785	70,363
Cash, Cash Equivalents and Restricted Cash--End of the Period	146,075	291,025
Non-cash transactions:
Lease Deposits Applied Against the Purchase of Aircraft	1,085	3,296
Aircraft and Flight Equipment Acquired through Finance Leases	40,480	71,856
Finance Lease Asset Modifications	46,311	0
Aircraft Acquired From Exercise of Finance Lease Purchase Option, net of Accumulated Depreciation	28,012	0
Derecognition of Operating Lease Right-of-Use Assets, net	8,674	41,135
Derecognition of Operating Lease Obligations	8,674	44,726
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and Cash Equivalents	131,912	275,332
Restricted Cash	14,163	15,693
Total Cash, Cash Equivalents and Restricted Cash	$ 146,075	$ 291,025

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Deferred tax benefit	$ 244	$ 0	$ 309	$ 0

COMPANY BACKGROUND	9 Months Ended
COMPANY BACKGROUND	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COMPANY BACKGROUND	COMPANY BACKGROUND Sun Country Airlines Holdings, Inc. (together with its consolidated subsidiaries, "Sun Country" or the "Company") is the parent company of Sun Country, Inc., which is a certificated air carrier providing scheduled passenger service, air cargo service, charter air transportation and related services. Services are provided to the general public, cargo customers, military branches, wholesale tour operators, schools, companies and other individual entities for air transportation to various U.S. and international destinations. Except as otherwise stated, the financial information, accounting policies, and activities of Sun Country Airlines Holdings, Inc. are referred to as those of the "Company" or "Sun Country". Equity Transactions On April 11, 2018 (the "Acquisition Date"), certain investment funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, Inc. (“Apollo”) acquired Sun Country, Inc. For more information on the Company’s equity transactions, see Note 1 of Notes to the Consolidated Financial Statements included in Part II, Item 8 “Financial Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the U.S. Securities and Exchange Commission (“2021 10-K”). Initial Public Offering of Common Stock On March 16, 2021, the Company priced its initial public offering of 9,090,909 shares of common stock to the public at $24.00 per share. The stock began trading on the NASDAQ on March 17, 2021 under the symbol "SNCY". The underwriters had an option to purchase an additional 1,363,636 shares from the Company at the public offering price, which they exercised. In total, all 10,454,545 shares were issued on March 19, 2021 and the net proceeds to the Company were $225,329 after deducting underwriting discounts and commissions, and other offering expenses. Concurrently with the closing of the initial public offering, SCA Horus Holdings, LLC, an affiliate of investment funds managed by affiliates of Apollo (the “Apollo Stockholder”), also completed a private placement in which the Apollo Stockholder sold 2,216,312 and 2,216,308 shares of common stock to PAR Investment Partners, L.P. and certain funds or accounts managed by an investment adviser subsidiary of Blackrock, Inc., respectively. Each of the two sales was based on an aggregate purchase price of $50,000 and a price per share equal to 94% of the initial public offering price of $24.00 per share. Secondary Offerings During May 2021 and October 2021, the Apollo Stockholder and other selling stockholders sold 7,250,000 and 8,500,000 shares of the Company's common stock at the public offering prices of $34.50 and $32.50, respectively. Under both transactions, the underwriters were given options to purchase additional shares of the Company's common stock at the public offering price. During the May 2021 and October 2021 offerings, the underwriters elected to purchase 1,087,500 and 435,291 of the option shares, respectively. The Company incurred offering expenses of $1,763 in conjunction with the two secondary offerings and did not receive any of the proceeds from these offerings. For more information on the 2021 secondary offerings, see Note 1 of Notes to the Consolidated Financial Statements included in Part II, Item 8 “Financial Statements” in the 2021 10-K. Amazon Agreement On December 13, 2019, the Company signed a six-year contract (with two, two-year extension options, for a maximum term of 10 years) with Amazon.com Services, Inc. (together with its affiliates, “Amazon”) to provide cargo services under an Air Transportation Services Agreement (the “ATSA”). In connection with the ATSA, the Company issued warrants to Amazon to purchase an aggregate of up to 9,482,606 shares of common stock at an exercise price of approximately $15.17 per share. There were 632,183 warrants that vested upon execution of the ATSA and 63,217 warrants will vest for each milestone of $8,000 in qualifying payments made by Amazon to the Company. During the nine months ended September 30, 2022 and September 30, 2021, 568,956 warrants vested in each respective period. As of September 30, 2022 and September 30, 2021, the cumulative vested warrants held by Amazon were 2,212,615 and 1,454,008, respectively. The exercise period of these warrants is through the eighth anniversary of the issue date.

BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

BASIS OF PRESENTATION

The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (“GAAP”) and has included the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries. The accompanying unaudited Condensed Consolidated Financial Statements of Sun Country Airlines Holdings, Inc. should be read in conjunction with the Consolidated Financial Statements contained in the 2021 10-K. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited Condensed Consolidated Financial Statements for the interim periods presented. The Company reclassified certain prior period amounts to conform to the current period presentation. All material intercompany balances and transactions have been eliminated in consolidation.

The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant areas of judgment relate to passenger revenue recognition, maintenance under the built-in overhaul method, equity-based compensation, tax receivable agreement, lease accounting, impairment of goodwill, impairment of long-lived and intangible assets, air traffic liabilities, the loyalty program, as well as the valuation of Amazon warrants. During the nine months ended September 30, 2022, there were no significant changes to the Company’s critical accounting policies.

Due to impacts from the global coronavirus (“COVID-19”) pandemic, seasonal variations in the demand for air travel, the volatility of aircraft fuel prices, uncertainties in pilot staffing, the impact of macroeconomic conditions including inflationary pressures, and other factors, operating results for the nine months ended September 30, 2022 are not necessarily indicative of operating results for future quarters or for the year ending December 31, 2022. Air travel is also significantly impacted by general economic conditions, the amount of disposable income available to consumers, unemployment levels, corporate travel budgets, extreme or severe weather and natural disasters, disease outbreaks, fears of terrorism or war, and other factors beyond the Company's control.

Revision of Previously Issued Consolidated Financial Statements

During the second quarter of 2022, the Company identified an immaterial misstatement in its Condensed Consolidated Financial Statements for the quarter and year-to-date interim periods in the year ended December 31, 2021 (the "previously issued financial statements"). The error related to the improper

application of Accounting Standards Codification (ASC) Topic 842, Leases regarding the treatment of the incremental difference between the net purchase price of the leased aircraft and the net operating lease recorded on the balance sheet immediately prior to the transaction. This difference should have been capitalized as part of the acquisition costs incurred to purchase the aircraft off the operating lease. The Company incorrectly expensed this amount as incurred within Special Items, net on the Condensed Consolidated Statements of Operations. The error resulted in an understatement of the benefit within Special Items, net, partially offset by incremental Depreciation and Amortization Expense for the three and nine months ended September 30, 2021, and an understatement of Aircraft and Flight Equipment.

The Company assessed the materiality of the errors on the prior period financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality, codified in ASC 250, Presentation of Financial Statements. Management concluded it was immaterial to the Company's previously issued annual or interim financial statements.

The Company has revised the previously issued financial statements as presented in these Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. In addition, the immaterial error has and will continue to be corrected in the comparative amounts presented in the Company’s subsequent quarterly and annual filings.

The impact of the revision on the Company's previously issued Consolidated Balance Sheets as of December 31, 2021 are as follows:


	December 31, 2021
	As Previously Issued		Correction		As Revised
Assets
Aircraft and Flight Equipment	$	440,356	$	6,963	$	447,319
Total Property & Equipment	688,624		6,963		695,587
Accumulated Depreciation & Amortization	(115,013)		(2,056)		(117,069)
Total Property & Equipment, net	573,611		4,907		578,518
Deferred Tax Asset	18,737		(1,129)		17,608
Total Other Assets	427,590		(1,129)		426,461
Total Assets	1,376,644		3,778		1,380,422
Stockholder's Equity
Retained Earnings	594		3,778		4,372
Total Stockholders' Equity	486,811		3,778		490,589
Total Liabilities and Stockholders' Equity	1,376,644		3,778		1,380,422

The impact of the revision on the Company's previously issued Condensed Consolidated Statements of Operations for the three and nine-month periods ended September 30, 2021 are as follows:


	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
	As Previously Issued		Correction		As Revised		As Previously Issued		Correction		As Revised
Operating Expenses
Depreciation and Amortization	$	14,029	$	681	$	14,710	$	40,103	$	1,429	$	41,532
Special Items, net	(65)		—		(65)		(65,456)		(6,963)		(72,419)
Total Operating Expenses	151,661		681		152,342		354,290		(5,534)		348,756

Operating Income	22,002		(681)		21,321		96,174		5,534		101,708
Income Before Income Tax	16,200		(681)		15,519		95,244		5,534		100,778
Income Tax Expense	2,297		(157)		2,140		17,172		1,272		18,444
Net Income	13,903		(524)		13,379		78,072		4,262		82,334
Basic Income per share	$	0.24	$	(0.01)	$	0.23	$	1.44	$	0.07	$	1.51
Diluted Income per share	$	0.23	$	(0.01)	$	0.22	$	1.33	$	0.07	$	1.40

The revision also impacted the Company's previously issued Condensed Consolidated Statements of Changes in Stockholders Equity as follows:


	For the Three Months Ended June 30, 2021						For the Three Months Ended March 31, 2021
	As Previously Issued		Correction		As Revised		As Previously Issued		Correction		As Revised
Net Income	$	51,753	$	424	$	52,177	$	12,416	$	4,362	$	16,778


	As of March 31, 2022						As of September 30, 2021
	As Previously Issued		Correction		As Revised		As Previously Issued		Correction		As Revised
Retained Earnings	$	4,231	$	3,778	$	8,009	$	1,196	$	4,262	$	5,458
Total Stockholders' Equity	493,291		3,778		497,069		482,880		4,262		487,142
	As of June 30, 2021						As of March 31, 2021
	As Previously Issued		Correction		As Revised		As Previously Issued		Correction		As Revised
Retained Earnings (Deficit)	$	(12,707)	$	4,786	$	(7,921)	$	(64,460)	$	4,362	$	(60,098)
Total Stockholders' Equity	464,233		4,786		469,019		409,960		4,362		414,322

The Company's Condensed Consolidated Statement of Changes Stockholders' Equity as of December 31, 2021 has been corrected to reflect the changes to the impacted Stockholders' Equity accounts as described above.

The impact of the revision on the Company's previously issued Condensed Consolidated Statements of Cash Flow for the nine months ended September 30, 2021 is as follows:


	Nine Months Ended September 30, 2021
	As Previously Issued		Correction		As Revised
Operating Activities
Net Income	$	78,072	$	4,262	$	82,334
Depreciation and Amortization	40,103		1,429		41,532
Non-Cash (Gain) Loss on Asset Transaction, Net	(12,666)		12,668		2
Deferred Income Taxes	17,068		1,272		18,340
Operating Lease Obligations	(19,983)		(12,668)		(32,651)
Net Cash Provided by Operating Activities	109,395		6,963		116,358
Investing Activities
Purchases of Property & Equipment	(111,053)		(6,963)		(118,016)
Net Cash Used in Investing Activities	(111,427)		(6,963)		(118,390)

The revision had no impact on the Company's Net Cash Provided by Financing Activities for the nine months ended September 30, 2021.

Investments

Investments consist of debt securities and Certificates of Deposit. The Certificates of Deposit are recorded at cost, plus accrued interest. These certificates serve as collateral for letters of credit required by various airports and other vendors. All of the certificates have original maturities greater than 90 days.

During the nine months ended September 30, 2022, the Company purchased debt securities with original maturities of three months or greater. The investments are classified as Current Assets on the Condensed Consolidated Balance Sheets because the securities are highly liquid and are available to be quickly converted into known amounts of cash to fund current operations. Most of the Company's Available-for-Sale securities will mature within one year. The Company limits its exposure to any one issuer or market sector, and largely limits its investments to investment grade quality securities.

The Company's investment securities are classified as Available-for-Sale and are reported at fair value on the Company's Condensed Consolidated Balance Sheets. Unrealized gains and losses on the Company's Available-for-Sale securities are excluded from net earnings and are reported as a component of Accumulated Other Comprehensive Income, net of income tax effects, within Stockholders' Equity on the Condensed Consolidated Balance Sheets until realized. Realized gains and losses are recorded using the specific identification method and reflected in Other, net within Non-operating Income (Expense) on the Company's Condensed Consolidated Statement of Operations. Premiums and discounts recorded on Available-for-Sale debt securities are accounted for in Interest Income within Non-operating Income (Expense) on the Company's Condensed Consolidated Statement of Operations.

At each reporting period, the Company assesses its Available-for-Sale investments in an unrealized loss position to determine whether an impairment exists. The Company will record an impairment if management intends to sell an impaired security, will likely be required to sell a security before recovery of the entire amortized cost, or the same level of collectible cash flows from the security is no longer expected. The

entire impairment will be included in Other, net within Non-operating Income (Expense) on the Company's Condensed Consolidated Statement of Operations.

Recently Adopted Accounting Standards

In May 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. On January 1, 2022, the Company adopted ASU 2021-04 on a prospective basis, as required by the Standard. There was no financial statement impact upon adoption.

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The new standard requires additional disclosures regarding government grants and money contributions. The standard requires disclosures on the nature of the transactions and related accounting policies, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transactions. The Company adopted this standard as of January 1, 2022. See Note 3 for additional information on COVID-19 related government assistance the Company has received.

IMPACT OF THE COVID-19 PANDEMIC	9 Months Ended
IMPACT OF THE COVID-19 PANDEMIC	Sep. 30, 2022
Unusual or Infrequent Items, or Both [Abstract]
IMPACT OF THE COVID-19 PANDEMIC	IMPACT OF THE COVID-19 PANDEMIC The COVID-19 pandemic resulted in a dramatic decline in passenger demand across the U.S. airline industry. Sun Country experienced a significant decrease in demand related to the COVID-19 pandemic, which caused a material decline in 2021 revenues as compared to pre-pandemic levels, and negatively impacted the Company’s financial condition and operating results. During the third quarter of 2022, Sun Country continued to see recovery in demand from the COVID-19 pandemic relative to demand in 2021, which may impact the comparability of results to prior periods. However, the ongoing impact of the COVID-19 pandemic on overall demand for air travel remains uncertain and cannot be predicted at this time. Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) During 2021 and 2020, the Company received certain funds from the CARES Act. The cash awarded to the Company through the CARES Act was accounted for as grants, debt, and tax credits based on the terms and nature of the funds awarded. During the nine months ended September 30, 2021, the Company received and recognized as income within Special Items, net $71,587 from the U.S. Treasury under the Payroll Support Program Extension (“PSP2”) and the American Rescue Plan Act of 2021 ("PSP3"). The CARES Act provides an employee retention credit (“CARES Employee Retention Credit”), which is a refundable tax credit against certain employment taxes. During the nine months ended September 30, 2021, the Company recorded $848 related to the CARES Employee Retention Credit within Special Items, net. Under the CARES Act Loan Program, the Company received a $45,000 loan (the “CARES Act Loan”) from the U.S. Treasury, which was repaid in full on March 24, 2021 using proceeds from the IPO. For more information on funds awarded through the CARES Act, see Note 3 of Notes to the Consolidated Financial Statements included in Part II, Item 8 “Financial Statements” in the 2021 10-K. In accordance with any grants and/or loans received under the CARES Act, the Company is required to comply with the relevant provisions of the CARES Act and the related implementing agreements which, among other things, include the following: the requirement to use the Payroll Support Program payments exclusively for the continuation of payment of crewmember and employee wages, salaries and benefits; the requirement that certain levels of commercial air service be maintained through March 1, 2022, if ordered by the Department of Transportation ("DOT"); the prohibitions on share repurchases of listed securities and the payment of common stock (or equivalent) dividends through September 30, 2022; and restrictions on the payment of certain executive compensation through April 1, 2023. As of September 30, 2022, the Company was in compliance with these provisions.

REVENUE

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

Sun Country is a certificated air carrier generating Operating Revenues from Scheduled service, Charter service, Ancillary, Cargo and Other revenue. Scheduled service revenue mainly consists of base fares. Charter service revenue is primarily generated through service provided to the U.S. Department of Defense, collegiate and professional sports teams, and casinos. Ancillary revenues consist of revenue earned from air travel-related services, such as: baggage fees, seat selection fees, passenger interface fee and on-board sales. Cargo consists of revenue earned from flying cargo aircraft under the ATSA. Other revenue consists primarily of revenue from services in connection with Sun Country Vacations products.

The significant categories comprising Operating Revenues are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Scheduled Service	$	102,200	$	80,212	$	334,679	$	201,905
Charter Service	42,899		33,809		118,526		88,511
Ancillary	50,261		33,697		139,548		86,626
Passenger	195,360		147,718		592,753		377,042
Cargo	23,687		24,400		65,930		68,084
Other	2,653		1,545		8,607		5,338
Total Operating Revenue	$	221,700	$	173,663	$	667,290	$	450,464

The Company attributes and measures its Operating Revenue by geographic region as defined by the DOT for airline reporting based upon the origin of each passenger and cargo flight segment.

The Company’s operations are highly concentrated in the U.S., but include service to many international locations, primarily based on scheduled service to Latin America during the winter season and on military charter services.

Total Operating Revenues by geographic region are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Domestic	$	214,904	$	167,660	$	634,963	$	429,508
Latin America	6,756		5,447		32,182		19,870
Other	40		556		145		1,086
Total Operating Revenue	$	221,700	$	173,663	$	667,290	$	450,464

Contract Balances

The Company’s contract assets primarily relate to costs incurred to get Amazon cargo aircraft ready for service. The balances are included in Other Current Assets and Other Assets on the Condensed Consolidated Balance Sheets. These deferred up-front costs are being amortized into Maintenance Expense on a pro-rata basis over the initial six years of the ATSA. The amount expensed during the three and nine months ended September 30, 2022 was $151 and $469, respectively. The expense for both the three and nine months ended September 30, 2021 was $208 and $515, respectively.

The Company’s significant contract liabilities are comprised of: 1) ticket sales for transportation that has not yet been provided (reported as Air Traffic Liabilities on the Condensed Consolidated Balance Sheets), 2) outstanding loyalty points that may be redeemed for future travel and other non-air travel awards (reported as Loyalty Program Liabilities on the Condensed Consolidated Balance Sheets) and, 3) the Amazon Deferred Up-front Payment received (reported within Other Liabilities on the Condensed Consolidated Balance Sheets).

As part of the ATSA executed in December 2019, Amazon paid the Company $10,300 toward start-up costs. Upon signing the ATSA, Amazon received 632,183 fully vested warrants to purchase the Company’s common stock, with a fair value of $4,667. This fair value was assigned to a portion of the $10,300 cash received from Amazon and the remaining $5,633 was recorded in Other Liabilities on the Company’s Condensed Consolidated Balance Sheets. This deferred up-front payment is being amortized into revenue on a pro-rata basis over the initial six years of the ATSA. For the three and nine months ended September 30, 2022, $225 and $699 was amortized into Cargo revenue, respectively. For the three and nine months ended September 30, 2021, $310 and $779 was amortized into Cargo revenue, respectively.

Contract Assets and Liabilities are as follows:


	September 30, 2022		December 31, 2021
Contract Assets
Costs to fulfill contract with Amazon	$	2,350	$	2,819

Air Traffic Liabilities	132,830		118,562
Loyalty Program Liabilities	16,317		19,718
Amazon Deferred Up-front Payment	3,501		4,200
Total Contract Liabilities	$	152,648	$	142,480

The balance in the Air Traffic Liabilities fluctuates with seasonal travel patterns. Most tickets can be purchased no more than twelve months in advance, therefore any revenue associated with tickets sold for future travel will be recognized within that timeframe. For the nine months ended September 30, 2022, $109,852 of revenue was recognized in Passenger revenue that was included in the Air Traffic Liabilities as of December 31, 2021.

Loyalty Program

The Sun Country Rewards program provides loyalty awards to program members based on accumulated loyalty points. The Company records a liability for loyalty points earned by passengers under the Sun Country Rewards program using two methods: (1) a liability for points that are earned by passengers on purchases of the Company’s services is established by deferring revenue based on the redemption value, net of estimated loyalty points that will expire unused, or breakage; and (2) a liability for points attributed to

loyalty points issued to the Company’s Visa card holders is established by deferring a portion of payments received from the Company’s co-branded agreement. The balance of the Loyalty Program Liabilities fluctuates based on seasonal patterns, which impacts the volume of loyalty points awarded through travel or issued to co-branded credit card and other partners (deferral of revenue) and loyalty points redeemed (recognition of revenue). Due to these reasons, the timing of loyalty point redemptions can vary significantly.

Changes in the Loyalty Program Liabilities are as follows:


	2022		2021
Balance – January 1	$	19,718	$	22,069
Loyalty Points Earned	5,125		3,058
Loyalty Points Redeemed (1)	(8,526)		(4,816)
Balance – September 30	$	16,317	$	20,311

______________________


(1)			Loyalty points are combined in one homogenous pool, that includes both air and non-air travel awards, and are not separately identifiable. As such, the revenue recognized is comprised of points that were part of the Loyalty Program Liabilities balance at the beginning of the period, as well as points that were earned during the period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 13
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table shows the computation of basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net Income	$	10,677	$	13,379	$	10,392	$	82,334

Denominator:
Weighted Average Common Shares Outstanding - Basic	58,146,606		57,355,104		58,039,201		54,368,231
Dilutive effect of Stock Options, RSUs and Warrants (1)	2,646,910		4,357,274		3,333,534		4,331,760
Weighted Average Common Shares Outstanding - Diluted	60,793,516		61,712,378		61,372,735		58,699,991

Basic earnings per share	$	0.18	$	0.23	$	0.18	$	1.51
Diluted earnings per share	$	0.18	$	0.22	$	0.17	$	1.40

______________________


(1)			There were 3,221,617 and 3,626,851 performance-based stock options outstanding at September 30, 2022 and 2021, respectively. As of September 30, 2022 and 2021, the Company expected approximately 63% and 75% of these options to vest, respectively. As of September 30, 2022, 32.5% of the eligible outstanding performance-based stock options vested and were considered exercisable. These amounts are included in the measure above to the extent they are dilutive.

The Company's anti-dilutive shares for the periods presented were immaterial to the Condensed Consolidated Financial Statements.

Warrants held by Amazon are included in the calculation of dilutive weighted average shares outstanding as of the date the warrants vest. The unvested warrants held by Amazon have not been included in dilutive shares as their performance condition has not been satisfied.

AIRCRAFT

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

AIRCRAFT

As of September 30, 2022, Sun Country operated a fleet of 54 Boeing 737-NG aircraft, consisting of 53 Boeing 737-800s and one Boeing 737-700.

The following tables summarize the Company’s aircraft fleet activity for the nine months ended September 30, 2022 and 2021, respectively:


	December 31, 2021	Additions	Reclassifications	Removals	September 30, 2022
Passenger:
Owned	21	5	4	(1)	29
Finance leases (1)	9	2	—	—	11
Operating leases	6	—	(4)	—	2
Sun Country Airlines’ Fleet	36	7	—	(1)	42
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Total Aircraft Operated	48	7	—	(1)	54

	December 31, 2020	Additions	Reclassifications	Removals	September 30, 2021
Passenger:
Owned	14	1	6	—	21
Finance leases	5	3	—	—	8
Operating leases	12	—	(6)	—	6
Sun Country Airlines’ Fleet	31	4	—	—	35
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Total Aircraft Operated	43	4	—	—	47


(1)			Two aircraft operating leases were reclassified into finance lease and two separate aircraft finance lease purchase options were exercised, resulting in a net change of zero finance lease reclassifications.

During the nine months ended September 30, 2022, the Company acquired seven incremental aircraft, five of which were financed using proceeds from the issuance of Class A and Class B pass-through trust certificates (the "2022-1 EETC"), and two through finance lease arrangements. As of September 30, 2022, 26 of the owned aircraft were financed and three aircraft were unencumbered. For more information on the Company's financing arrangements, see Note 7 of these Condensed Consolidated Financial Statements.

During the nine months ended September 30, 2022, the Company completed transactions that adjusted the composition of its fleet. The Company executed lease amendments to purchase two aircraft at the end of the lease term, which modified the classification from operating leases to finance leases with expiration dates in fiscal year 2026. The Company purchased two aircraft previously classified as finance leases, using proceeds from the 2022-1 EETC. Additionally, the Company purchased two aircraft previously classified as operating leases, both of which are now unencumbered.

During the nine months ended September 30, 2022, an owned aircraft was retired due to the aircraft sustaining damage beyond economic repair. The retirement had no impact on the Company's Condensed Consolidated Results of Operations. See Note 13 for more information.

Six of the aircraft purchased during the nine months ended September 30, 2021 were financed through the Delayed Draw Term Loan Facility. See Note 7 for additional information. All six aircraft were previously accounted for as operating leases. The Company also acquired four incremental aircraft, one of which was purchased, and three through finance lease arrangements.

Depreciation, amortization, and rent expense on aircraft are as follows:


		Three Months Ended September 30,				Nine Months Ended September 30,
Aircraft Status	Expense Type	2022		2021		2022		2021
Owned	Depreciation	$	10,179	$	9,284	$	29,027	$	26,514
Finance Leased	Amortization	4,419		2,977		12,533		7,846
Operating Leased	Aircraft Rent (1)	1,949		3,925		7,347		13,339
		$	16,547	$	16,186	$	48,907	$	47,699


(1)			Aircraft Rent expense includes credits for the amortization of over-market liabilities established at the Acquisition Date.

Depreciation expense on owned aircraft and amortization expense on finance leased aircraft are both classified in Depreciation and Amortization on the Condensed Consolidated Statements of Operations.

Aircraft Maintenance Deposits Contra-Assets

As of the Acquisition Date, the Company established a maintenance deposit contra-asset to offset the acquired maintenance deposits assets included in Short-term Lessor Maintenance Deposits on the Condensed Consolidated Balance Sheets. The assets represent deposits remitted by the previous owners of the Company to the lessor for maintenance events. The contra-assets represent the Company’s obligation to perform planned maintenance events on leased aircraft held as of the Acquisition date. As reimbursable maintenance events are performed and Maintenance Expense is incurred, a portion of the contra-asset is recognized as a reduction to Maintenance Expense on the Condensed Consolidated Statements of Operations due to the fact that the previously acquired maintenance deposit is partially funding the maintenance event. As of September 30, 2022 and December 31, 2021, the remaining balance of the contra-asset was $13,211 and $22,348, respectively. Of the $9,137 reduction in the contra-asset during the nine months ended September 30, 2022, $8,362 is related to the purchase of two aircraft previously under operating leases. The contra-assets reduced the acquisition costs incurred to purchase the aircraft off the operating lease.

Over-market Liabilities

As of the Acquisition Date, the Company recognized a liability representing lease terms which are unfavorable compared with market terms of similar leases. The over-market lease liability is recorded as a contra-asset offsetting the corresponding lease asset. The remaining unamortized balance of this contra-asset as of September 30, 2022 and December 31, 2021 was $132 and $10,363, respectively and is recorded within Operating Lease Right-of-Use Assets. During the first quarter of 2022, the Company executed lease amendments which modified two aircraft from operating leases to finance leases. As a result of the modifications, the Company reclassified $9,687 of the over-market lease liability from Operating Lease Right-of-Use Assets to Finance Lease Assets. The resulting reclassification reduced the go-forward Depreciation and Amortization for the related Finance Lease Assets. Additionally, $173 of the

reduction is related to the purchase of two aircraft previously under operating leases in the three months ended September 30, 2022. The contra-assets reduced the acquisition costs incurred to purchase the aircraft off the operating lease.

As of the Acquisition Date, Sun Country’s existing leases included payments for maintenance reserves in addition to the stated aircraft lease payments. For a substantial portion of these maintenance reserve payments, the Company does not expect to be reimbursed by the lessor. Therefore, a liability was established representing over-market maintenance reserve lease terms compared to market terms of similar leases. The remaining balance of this liability at September 30, 2022 and December 31, 2021 was $2,958 and $14,737, respectively. Of the $11,779 reduction in the over-market maintenance reserve liabilities during the nine months ended September 30, 2022, $6,023 was incorporated into the Finance Lease Assets in accordance with the terms of the executed lease amendments, as described above. Additionally, $3,303 of the reduction is related to the purchase of two aircraft previously under operating leases. The maintenance deposits were allocated to the acquisition costs incurred to purchase the aircraft off the operating lease.

DEBT

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

DEBT

Credit Facilities – On February 10, 2021, the Company executed a five-year credit agreement (the “Credit Agreement”) with a group of lenders that replaced the Company’s prior $25,000 asset-based revolving credit facility. The Credit Agreement includes a $25,000 Revolving Credit Facility (the "Revolving Credit Facility") and a $90,000 Delayed Draw Term Loan Facility (“DDTL”), which are collectively referred to as the “Credit Facilities.” The proceeds from the Revolving Credit Facility can be used for general corporate purposes, whereas the proceeds from the DDTL were to be used solely to finance the acquisition of aircraft or engines to be registered in the United States. The Credit Agreement includes financial covenants that require a minimum trailing 12-month EBITDAR ($87,700 as of March 31, 2022 and beyond) and minimum liquidity of $30,000 at the close of any business day. The Company was in compliance with these covenants as of September 30, 2022.

During 2021, the Company drew $80,500 on the DDTL to purchase six aircraft, which were previously under operating leases. During the first quarter of 2022, the Company repaid the outstanding balance of the DDTL in full using proceeds it received from the 2022-1 EETC, which terminated the DDTL. As a result, no amounts under the DDTL were available to the Company as of September 30, 2022. The Company recorded a $1,557 loss on extinguishment of debt related to the repayment of the DDTL, which represents the write-off of the unamortized deferred financing costs. As of September 30, 2022, the Revolving Credit Facility remained undrawn and $24,650 was available to the Company.

Long-term Debt – In December 2019, the Company arranged for the issuance of Class A, Class B and Class C pass-through trust certificates Series 2019-1 (the “2019-1 EETC”), in an aggregate face amount of $248,587 for the purpose of financing or refinancing 13 used aircraft, which was completed in 2020.

In March 2022, the Company arranged for the issuance of the 2022-1 EETC in an aggregate face amount of $188,277 for the purpose of financing or refinancing 13 aircraft. The Company recorded $2,526 in debt issuance costs associated with the 2022-1 EETC. Of the 13 aircraft financed by the 2022-1 EETC during the nine months ended September 30, 2022, five were existing owned aircraft previously financed by the DDTL, two of the aircraft were owned outright, four of the aircraft were acquired incrementally, and two aircraft were bought-out from an existing finance lease. The Company is required to make semi-annual principal and interest payments each March and September, the first payment occurred on September 15, 2022. The 2022-1 EETC is secured by a lien on the financed or refinanced aircraft and will be cross-collateralized by the other aircraft financed through the issuance. Total appraised value of the aircraft and engines financed by the 2022-1 EETC was approximately $259,688 as of the original date of the agreement.

During the nine months ended September 30, 2022, the Company capitalized $2,327 of Interest Expense related to aircraft financed with the proceeds of the 2022-1 EETC while undergoing induction.

Long-term Debt includes the following:


	September 30, 2022		December 31, 2021
Notes payable under the Company's 2019-1 EETC agreement dated December 2019, with original loan amounts of $248,587 payable in bi-annual installments, in June and December, through December 2027. These notes bear interest at an annual rate between 4.13% and 6.95% and the weighted average interest rate is 4.73% as of September 30, 2022.	$	194,884	$	202,984

Notes payable under the Company's 2022-1 EETC agreement dated March 2022, with a face amount of $188,277 payable in bi-annual installments, in March and September, through March 2031. These notes bear interest at an annual rate between 4.84% and 5.75% and the weighted average interest rate is 5.06% as of September 30, 2022.	179,019		—

Delayed Draw Term Loan Facility	—		77,481

Other Notes payable	—		466

Total Debt	373,903		280,931

Less: Unamortized debt issuance costs	(3,706)		(3,505)

Less: Current Maturities of Long-term Debt	(45,535)		(29,412)
Total Long-term Debt	$	324,662	$	248,014

Future maturities of the outstanding Debt are as follows:


	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
Remainder of 2022	$	18,187	$	(264)	$	17,923
2023	58,518		(962)		57,556
2024	60,157		(777)		59,380
2025	65,241		(602)		64,639
2026	45,668		(415)		45,253
Thereafter	126,132		(686)		125,446
Total as of September 30, 2022	$	373,903	$	(3,706)	$	370,197

The fair value of Debt was $340,067 as of September 30, 2022 and $272,004 as of December 31, 2021. The fair value of the Company’s debt was based on the discounted amount of future cash flows using the Company’s end-of-period estimated incremental borrowing rate for similar obligations. The estimates were primarily based on Level 3 inputs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

FUEL DERIVATIVES AND RISK MANAGEMENT

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FUEL DERIVATIVES AND RISK MANAGEMENT

The Company’s operations are inherently dependent upon the price of aircraft fuel. To manage economic risks associated with fluctuations in aircraft fuel prices, the Company periodically enters into fuel option and swap contracts. The Company does not apply hedge accounting to its fuel derivative contracts, nor does it hold or issue them for trading purposes. As of September 30, 2022 and December 31, 2021, the Company had no outstanding fuel derivative contracts.

Fuel derivative contracts are recognized at fair value on the Condensed Consolidated Balance Sheets as Derivative Assets, if the fair value is in an asset position, or as Derivative Liabilities, if the fair value is in a liability position. Derivatives where the payment due date is greater than one year from the balance sheet date are classified as long-term. Fuel derivative gains and losses are classified in Aircraft Fuel on the Condensed Consolidated Statements of Operations.

Changes in Derivative Assets (Liabilities) are as follows:


	Nine Months Ended September 30,
	2022		2021
Balance - January 1	$	—	$	(1,174)
Non-cash Gains	—		3,527
Contract Settlements	—		(2,105)
Balance - September 30	$	—	$	248

Fuel Derivative Gains (Losses) consist of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Total Fuel Derivative Gains (Losses)	$	—	$	(72)	$	—	$	3,527

No cash premiums were paid in any of the periods presented above.

INVESTMENTS

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

A summary of debt securities by major security type:


	September 30, 2022 (1)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities (2):
Municipal Debt Securities	$	41,108	$	—	$	(331)	$	40,777
Corporate Debt Securities	83,547		—		(695)		82,852
U.S. Government Agency Securities	5,005		—		(65)		4,940
Total	$	129,660	$	—	$	(1,091)	$	128,569


(1)			As the Company began purchasing these investment securities during the second quarter of 2022, there is no comparable prior period information.
(2)			The Company also holds Certificates of Deposit that are included in Investments on the Condensed Consolidated Balance Sheets totaling $6,601 and $6,283 as of September 30, 2022 and December 31, 2021, respectively.

As of September 30, 2022, the Company's investments that have unrealized losses have been in a continuous unrealized loss position for less than 12 months. The unrealized losses were the result of increases in market interest rates and were not the result of a deterioration in the credit quality of the securities. As of September 30, 2022, the Company believes that any unrealized losses are recoverable prior to the investment's conversion to cash. Therefore, the Company believes these losses to be temporary.

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

For a description of the methods and assumptions that are used to estimate the fair value and determine the fair value hierarchy classification of each class of financial instrument, see Note 12 of the Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2021 10-K.

Financial Instruments – Financial instruments including Restricted Cash, Certificates of Deposit, Accounts Receivable, Accounts Payable and all other Current Liabilities have carrying values that approximate fair value.

Cash & Cash Equivalents – The carrying value of cash and cash equivalents approximates fair value. Fair values of cash equivalent instruments that do not trade on a regular basis in active markets are classified as Level 2.

Available-for-Sale Securities - Available-for-Sale investment securities include debt securities, such as municipal, corporate, and U.S. government agency notes. All of these investments are classified as Level 2 because they do not trade in active markets on a regular basis. The Company obtains its pricing per security from a third-party, which uses quoted market prices, when available, or other observable inputs for determination of fair value.

Non-Financial Assets – Certain assets are measured at fair value on a nonrecurring basis. The Company’s non-financial assets, which primarily consist of Property & Equipment, Goodwill and Other Intangible Assets are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be recoverable, non-financial assets are assessed for impairment and, if applicable, written down to fair value using significant unobservable inputs, classified as Level 3.

Debt – See Note 7 for more information on the Company's debt financings and related fair values.

The following table summarizes the assets measured at fair value on a recurring basis:


	September 30, 2022
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	70,925	$	60,987	$	—	$	131,912
Available-for-Sale Securities:
Municipal Debt Securities	—		40,777		—		40,777
Corporate Debt Securities	—		82,852		—		82,852
U.S. Government Agency Securities	—		4,940		—		4,940
Total Available-for-Sale Securities	—		128,569		—		128,569
Total Assets Measured at Fair Value on a Recurring Basis	$	70,925	$	189,556	$	—	$	260,481


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	309,338	$	—	$	—	$	309,338
Total Assets Measured at Fair Value on a Recurring Basis	$	309,338	$	—	$	—	$	309,338

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective tax rate for the three and nine months ended September 30, 2022 was 17.4% and 28.4%, respectively. The effective tax rate for the three and nine months ended September 30, 2021 was 13.8% and 18.3%, respectively. The effective tax rate represents a blend of federal and state taxes and includes the impact of certain nondeductible or nontaxable items. The increase for the three and nine months ended September 30, 2022 effective tax rate is primarily due to the non-taxable adjustment to the tax receivable liability related to the Tax Receivable Agreement (the "Tax Receivable Agreement" or "TRA"), partially offset by stock compensation benefits. Tax Receivable Agreement In connection with the Company’s IPO, the Company entered into the TRA with our pre-IPO stockholders (the “TRA holders”). The TRA provides for the payment by the Company to the TRA holders of 85% of the amount of cash savings, if any, in U.S. federal, state, local, and foreign income tax that the Company actually realizes (or are deemed to realize in certain circumstances) as a result of certain tax attributes that existed at the time of the IPO (the “Pre-IPO Tax Attributes”). The Company will retain the benefit of the remaining 15% of these cash savings. Upon the closing of the IPO in the first quarter of 2021, the Company recognized a non-current liability of $115,200, which represented undiscounted aggregate payments that were expected to be paid to the TRA holders under the TRA, with an offset to Stockholders’ Equity. The TRA balance as of September 30, 2022 and December 31, 2021 was $103,800 and $98,800, respectively. The TRA liability is an estimate and actual amounts payable under the Tax Receivable Agreement could differ from this estimate. During the nine months ended September 30, 2022, the Company recorded an adjustment to the estimated TRA liability of $5,000. Adjustments to the TRA are recorded in Other, net Non-Operating Income (Expense) on the Company’s Condensed Consolidated Statements of Operations. For more information on the TRA, see Note 13 of the Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2021 10-K.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

SPECIAL ITEMS, NET

9 Months Ended

Sep. 30, 2022

Unusual or Infrequent Items, or Both [Abstract]

SPECIAL ITEMS, NET

Special Items, net reflects expenses, or credits to expense, that are not representative of our ongoing costs for the periods presented and may vary from period to period in nature, frequency, and amount.

Special Items, net on the Condensed Consolidated Statements of Operations consist of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
CARES Act grant recognition (see Note 3)	$	—	$	—	$	—	$	(71,587)
CARES Act employee retention credit (See Note 3)	—		(68)		—		(848)
Other	—		3		—		16
Total Special Items, net	$	—	$	(65)	$	—	$	(72,419)

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company has contractual obligations and commitments primarily with regard to lease arrangements, repayment of debt (see Note 7), payments under the TRA (see Note 11), and probable future purchases of aircraft. During the second quarter of 2022, an owned aircraft was retired due to the aircraft sustaining damage beyond economic repair. The best estimate of this event was recorded as of the second quarter and had no financial impact on the Company's Condensed Consolidated Statement of Operations. The estimate will be revised when additional information becomes available or when the contingency is finalized. The Company does not believe the finalization of the contingency will have a material effect on the Company's Condensed Consolidated Results of Operations. During the nine months ended September 30, 2022, the Company executed an agreement to purchase a flight simulator at a total purchase price of $9,745. To date, $8,781 has been remitted to the seller. The remaining purchase price will be remitted to the seller upon receipt and installation of the simulator. Payments for the simulator are accounted for within Property & Equipment on the Condensed Consolidated Balance Sheets as of September 30, 2022. The Company is subject to various legal proceedings in the normal course of business and expenses legal costs as incurred. Management does not believe these proceedings will have a materially adverse effect on the Company.

OPERATING SEGMENTS

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

OPERATING SEGMENTS

The following tables present financial information for the Company’s two operating segments: Passenger and Cargo. For more information on the Company’s segments, see Note 17 of the Notes to the Consolidated Financial Statements in Part II, Item 8, “Financial Statements” in the 2021 10-K.


	Three Months Ended September 30, 2022						Three Months Ended September 30, 2021
	Passenger		Cargo		Consolidated		Passenger		Cargo		Consolidated
Operating Revenues	$	198,013	$	23,687	$	221,700	$	149,263	$	24,400	$	173,663
Non-Fuel Operating Expenses	117,788		23,678		141,466		99,960		15,800		115,760
Aircraft Fuel	64,763		80		64,843		36,556		91		36,647
Special Items, net	—		—		—		(65)		—		(65)
Total Operating Expenses	182,551		23,758		206,309		136,451		15,891		152,342
Operating Income (Loss)	$	15,462	$	(71)	15,391		$	12,812	$	8,509	21,321
Interest Income					1,610						28
Interest Expense					(7,493)						(6,286)
Other, net					3,422						456
Income Before Income Tax					$	12,930					$	15,519


	Nine Months Ended September 30, 2022						Nine Months Ended September 30, 2021
	Passenger		Cargo		Consolidated		Passenger		Cargo		Consolidated
Operating Revenues	$	601,360	$	65,930	$	667,290	$	382,380	$	68,084	$	450,464
Non-Fuel Operating Expenses	355,894		64,470		420,364		280,272		50,272		330,544
Aircraft Fuel	206,254		80		206,334		90,468		163		90,631
Special Items, net	—		—		—		(54,018)		(18,401)		(72,419)
Total Operating Expenses	562,148		64,550		626,698		316,722		32,034		348,756
Operating Income	$	39,212	$	1,380	40,592		$	65,658	$	36,050	101,708
Interest Income					2,166						52
Interest Expense					(23,097)						(19,487)
Other, net					(5,156)						18,505
Income Before Income Tax					$	14,505					$	100,778

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSThe Company evaluated subsequent events for the period from the Balance Sheet date through November 2, 2022, the date that the Condensed Consolidated Financial Statements were available to be issued.On October 31, 2022, the Company’s Board of Directors authorized a stock repurchase program pursuant to which the Company may purchase up to $50,000 of its Common Stock, $0.01 par value per share (“Common Stock”). The Company may purchase shares of its Common Stock on a discretionary basis from time-to-time through open market repurchases, privately negotiated transactions, accelerated share repurchase, or other means, including through Rule 10b5-1 trading plans. Whether any repurchases are made, and the timing and actual number of any shares repurchased, will be determined by management depending on a variety of factors, including stock price, trading volume, market conditions and other general business considerations. The stock repurchase program has no expiration date and may be modified, suspended, or terminated at any time. Any repurchases made under this program will be funded from the Company’s existing cash flows, or future cash flows.

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Principles of Consolidation	The Company has prepared the Condensed Consolidated Financial Statements according to U.S. Generally Accepted Accounting Principles (“GAAP”) and has included the accounts of Sun Country Airlines Holdings, Inc. and its subsidiaries. The accompanying unaudited Condensed Consolidated Financial Statements of Sun Country Airlines Holdings, Inc. should be read in conjunction with the Consolidated Financial Statements contained in the 2021 10-K. Management believes that all adjustments necessary for the fair presentation of results, consisting of normally recurring items, have been included in the unaudited Condensed Consolidated Financial Statements for the interim periods presented. The Company reclassified certain prior period amounts to conform to the current period presentation. All material intercompany balances and transactions have been eliminated in consolidation.
Estimates and Assumptions	The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Significant areas of judgment relate to passenger revenue recognition, maintenance under the built-in overhaul method, equity-based compensation, tax receivable agreement, lease accounting, impairment of goodwill, impairment of long-lived and intangible assets, air traffic liabilities, the loyalty program, as well as the valuation of Amazon warrants.
Investments	Investments Investments consist of debt securities and Certificates of Deposit. The Certificates of Deposit are recorded at cost, plus accrued interest. These certificates serve as collateral for letters of credit required by various airports and other vendors. All of the certificates have original maturities greater than 90 days. During the nine months ended September 30, 2022, the Company purchased debt securities with original maturities of three months or greater. The investments are classified as Current Assets on the Condensed Consolidated Balance Sheets because the securities are highly liquid and are available to be quickly converted into known amounts of cash to fund current operations. Most of the Company's Available-for-Sale securities will mature within one year. The Company limits its exposure to any one issuer or market sector, and largely limits its investments to investment grade quality securities. The Company's investment securities are classified as Available-for-Sale and are reported at fair value on the Company's Condensed Consolidated Balance Sheets. Unrealized gains and losses on the Company's Available-for-Sale securities are excluded from net earnings and are reported as a component of Accumulated Other Comprehensive Income, net of income tax effects, within Stockholders' Equity on the Condensed Consolidated Balance Sheets until realized. Realized gains and losses are recorded using the specific identification method and reflected in Other, net within Non-operating Income (Expense) on the Company's Condensed Consolidated Statement of Operations. Premiums and discounts recorded on Available-for-Sale debt securities are accounted for in Interest Income within Non-operating Income (Expense) on the Company's Condensed Consolidated Statement of Operations. At each reporting period, the Company assesses its Available-for-Sale investments in an unrealized loss position to determine whether an impairment exists. The Company will record an impairment if management intends to sell an impaired security, will likely be required to sell a security before recovery of the entire amortized cost, or the same level of collectible cash flows from the security is no longer expected. The entire impairment will be included in Other, net within Non-operating Income (Expense) on the Company's Condensed Consolidated Statement of Operations.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In May 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. On January 1, 2022, the Company adopted ASU 2021-04 on a prospective basis, as required by the Standard. There was no financial statement impact upon adoption. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance. The new standard requires additional disclosures regarding government grants and money contributions. The standard requires disclosures on the nature of the transactions and related accounting policies, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transactions. The Company adopted this standard as of January 1, 2022. See Note 3 for additional information on COVID-19 related government assistance the Company has received.

BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The impact of the revision on the Company's previously issued Consolidated Balance Sheets as of December 31, 2021 are as follows:


	December 31, 2021
	As Previously Issued		Correction		As Revised
Assets
Aircraft and Flight Equipment	$	440,356	$	6,963	$	447,319
Total Property & Equipment	688,624		6,963		695,587
Accumulated Depreciation & Amortization	(115,013)		(2,056)		(117,069)
Total Property & Equipment, net	573,611		4,907		578,518
Deferred Tax Asset	18,737		(1,129)		17,608
Total Other Assets	427,590		(1,129)		426,461
Total Assets	1,376,644		3,778		1,380,422
Stockholder's Equity
Retained Earnings	594		3,778		4,372
Total Stockholders' Equity	486,811		3,778		490,589
Total Liabilities and Stockholders' Equity	1,376,644		3,778		1,380,422

The impact of the revision on the Company's previously issued Condensed Consolidated Statements of Operations for the three and nine-month periods ended September 30, 2021 are as follows:


	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
	As Previously Issued		Correction		As Revised		As Previously Issued		Correction		As Revised
Operating Expenses
Depreciation and Amortization	$	14,029	$	681	$	14,710	$	40,103	$	1,429	$	41,532
Special Items, net	(65)		—		(65)		(65,456)		(6,963)		(72,419)
Total Operating Expenses	151,661		681		152,342		354,290		(5,534)		348,756

Operating Income	22,002		(681)		21,321		96,174		5,534		101,708
Income Before Income Tax	16,200		(681)		15,519		95,244		5,534		100,778
Income Tax Expense	2,297		(157)		2,140		17,172		1,272		18,444
Net Income	13,903		(524)		13,379		78,072		4,262		82,334
Basic Income per share	$	0.24	$	(0.01)	$	0.23	$	1.44	$	0.07	$	1.51
Diluted Income per share	$	0.23	$	(0.01)	$	0.22	$	1.33	$	0.07	$	1.40

The revision also impacted the Company's previously issued Condensed Consolidated Statements of Changes in Stockholders Equity as follows:


	For the Three Months Ended June 30, 2021						For the Three Months Ended March 31, 2021
	As Previously Issued		Correction		As Revised		As Previously Issued		Correction		As Revised
Net Income	$	51,753	$	424	$	52,177	$	12,416	$	4,362	$	16,778


	As of March 31, 2022						As of September 30, 2021
	As Previously Issued		Correction		As Revised		As Previously Issued		Correction		As Revised
Retained Earnings	$	4,231	$	3,778	$	8,009	$	1,196	$	4,262	$	5,458
Total Stockholders' Equity	493,291		3,778		497,069		482,880		4,262		487,142
	As of June 30, 2021						As of March 31, 2021
	As Previously Issued		Correction		As Revised		As Previously Issued		Correction		As Revised
Retained Earnings (Deficit)	$	(12,707)	$	4,786	$	(7,921)	$	(64,460)	$	4,362	$	(60,098)
Total Stockholders' Equity	464,233		4,786		469,019		409,960		4,362		414,322

The impact of the revision on the Company's previously issued Condensed Consolidated Statements of Cash Flow for the nine months ended September 30, 2021 is as follows:


	Nine Months Ended September 30, 2021
	As Previously Issued		Correction		As Revised
Operating Activities
Net Income	$	78,072	$	4,262	$	82,334
Depreciation and Amortization	40,103		1,429		41,532
Non-Cash (Gain) Loss on Asset Transaction, Net	(12,666)		12,668		2
Deferred Income Taxes	17,068		1,272		18,340
Operating Lease Obligations	(19,983)		(12,668)		(32,651)
Net Cash Provided by Operating Activities	109,395		6,963		116,358
Investing Activities
Purchases of Property & Equipment	(111,053)		(6,963)		(118,016)
Net Cash Used in Investing Activities	(111,427)		(6,963)		(118,390)

REVENUE (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of significant categories comprising operating revenues

The significant categories comprising Operating Revenues are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Scheduled Service	$	102,200	$	80,212	$	334,679	$	201,905
Charter Service	42,899		33,809		118,526		88,511
Ancillary	50,261		33,697		139,548		86,626
Passenger	195,360		147,718		592,753		377,042
Cargo	23,687		24,400		65,930		68,084
Other	2,653		1,545		8,607		5,338
Total Operating Revenue	$	221,700	$	173,663	$	667,290	$	450,464

Schedule of operating revenues by geographic region

Total Operating Revenues by geographic region are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Domestic	$	214,904	$	167,660	$	634,963	$	429,508
Latin America	6,756		5,447		32,182		19,870
Other	40		556		145		1,086
Total Operating Revenue	$	221,700	$	173,663	$	667,290	$	450,464

Summary of contract assets and liabilities

Contract Assets and Liabilities are as follows:


	September 30, 2022		December 31, 2021
Contract Assets
Costs to fulfill contract with Amazon	$	2,350	$	2,819

Air Traffic Liabilities	132,830		118,562
Loyalty Program Liabilities	16,317		19,718
Amazon Deferred Up-front Payment	3,501		4,200
Total Contract Liabilities	$	152,648	$	142,480

Schedule of change in contract with customer, liability

Changes in the Loyalty Program Liabilities are as follows:


	2022		2021
Balance – January 1	$	19,718	$	22,069
Loyalty Points Earned	5,125		3,058
Loyalty Points Redeemed (1)	(8,526)		(4,816)
Balance – September 30	$	16,317	$	20,311

______________________


(1)			Loyalty points are combined in one homogenous pool, that includes both air and non-air travel awards, and are not separately identifiable. As such, the revenue recognized is comprised of points that were part of the Loyalty Program Liabilities balance at the beginning of the period, as well as points that were earned during the period.

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Summary of computation of basic and diluted earnings per share

The following table shows the computation of basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net Income	$	10,677	$	13,379	$	10,392	$	82,334

Denominator:
Weighted Average Common Shares Outstanding - Basic	58,146,606		57,355,104		58,039,201		54,368,231
Dilutive effect of Stock Options, RSUs and Warrants (1)	2,646,910		4,357,274		3,333,534		4,331,760
Weighted Average Common Shares Outstanding - Diluted	60,793,516		61,712,378		61,372,735		58,699,991

Basic earnings per share	$	0.18	$	0.23	$	0.18	$	1.51
Diluted earnings per share	$	0.18	$	0.22	$	0.17	$	1.40

______________________


(1)			There were 3,221,617 and 3,626,851 performance-based stock options outstanding at September 30, 2022 and 2021, respectively. As of September 30, 2022 and 2021, the Company expected approximately 63% and 75% of these options to vest, respectively. As of September 30, 2022, 32.5% of the eligible outstanding performance-based stock options vested and were considered exercisable. These amounts are included in the measure above to the extent they are dilutive.

AIRCRAFT (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Summary of aircraft fleet activity

The following tables summarize the Company’s aircraft fleet activity for the nine months ended September 30, 2022 and 2021, respectively:


	December 31, 2021	Additions	Reclassifications	Removals	September 30, 2022
Passenger:
Owned	21	5	4	(1)	29
Finance leases (1)	9	2	—	—	11
Operating leases	6	—	(4)	—	2
Sun Country Airlines’ Fleet	36	7	—	(1)	42
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Total Aircraft Operated	48	7	—	(1)	54

	December 31, 2020	Additions	Reclassifications	Removals	September 30, 2021
Passenger:
Owned	14	1	6	—	21
Finance leases	5	3	—	—	8
Operating leases	12	—	(6)	—	6
Sun Country Airlines’ Fleet	31	4	—	—	35
Cargo:
Aircraft Operated for Amazon	12	—	—	—	12
Total Aircraft Operated	43	4	—	—	47


(1)			Two aircraft operating leases were reclassified into finance lease and two separate aircraft finance lease purchase options were exercised, resulting in a net change of zero finance lease reclassifications.

Schedule of depreciation, amortization, and rent expense on aircraft

Depreciation, amortization, and rent expense on aircraft are as follows:


		Three Months Ended September 30,				Nine Months Ended September 30,
Aircraft Status	Expense Type	2022		2021		2022		2021
Owned	Depreciation	$	10,179	$	9,284	$	29,027	$	26,514
Finance Leased	Amortization	4,419		2,977		12,533		7,846
Operating Leased	Aircraft Rent (1)	1,949		3,925		7,347		13,339
		$	16,547	$	16,186	$	48,907	$	47,699


(1)			Aircraft Rent expense includes credits for the amortization of over-market liabilities established at the Acquisition Date.

DEBT (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of long term debt

Long-term Debt includes the following:


	September 30, 2022		December 31, 2021
Notes payable under the Company's 2019-1 EETC agreement dated December 2019, with original loan amounts of $248,587 payable in bi-annual installments, in June and December, through December 2027. These notes bear interest at an annual rate between 4.13% and 6.95% and the weighted average interest rate is 4.73% as of September 30, 2022.	$	194,884	$	202,984

Notes payable under the Company's 2022-1 EETC agreement dated March 2022, with a face amount of $188,277 payable in bi-annual installments, in March and September, through March 2031. These notes bear interest at an annual rate between 4.84% and 5.75% and the weighted average interest rate is 5.06% as of September 30, 2022.	179,019		—

Delayed Draw Term Loan Facility	—		77,481

Other Notes payable	—		466

Total Debt	373,903		280,931

Less: Unamortized debt issuance costs	(3,706)		(3,505)

Less: Current Maturities of Long-term Debt	(45,535)		(29,412)
Total Long-term Debt	$	324,662	$	248,014

Schedule of future maturities of the outstanding debt

Future maturities of the outstanding Debt are as follows:


	Debt Principal Payments		Amortization of Debt Issuance Costs		Net Debt
Remainder of 2022	$	18,187	$	(264)	$	17,923
2023	58,518		(962)		57,556
2024	60,157		(777)		59,380
2025	65,241		(602)		64,639
2026	45,668		(415)		45,253
Thereafter	126,132		(686)		125,446
Total as of September 30, 2022	$	373,903	$	(3,706)	$	370,197

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Topic 235
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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+ Details

FUEL DERIVATIVES AND RISK MANAGEMENT (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of changes in derivative assets (liabilities)

Changes in Derivative Assets (Liabilities) are as follows:


	Nine Months Ended September 30,
	2022		2021
Balance - January 1	$	—	$	(1,174)
Non-cash Gains	—		3,527
Contract Settlements	—		(2,105)
Balance - September 30	$	—	$	248

Schedule of fuel derivative gains (losses)

Fuel Derivative Gains (Losses) consist of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Total Fuel Derivative Gains (Losses)	$	—	$	(72)	$	—	$	3,527

Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of debt securities by major security type

A summary of debt securities by major security type:


	September 30, 2022 (1)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-Sale Securities (2):
Municipal Debt Securities	$	41,108	$	—	$	(331)	$	40,777
Corporate Debt Securities	83,547		—		(695)		82,852
U.S. Government Agency Securities	5,005		—		(65)		4,940
Total	$	129,660	$	—	$	(1,091)	$	128,569


(1)			As the Company began purchasing these investment securities during the second quarter of 2022, there is no comparable prior period information.
(2)			The Company also holds Certificates of Deposit that are included in Investments on the Condensed Consolidated Balance Sheets totaling $6,601 and $6,283 as of September 30, 2022 and December 31, 2021, respectively.

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of assets and liabilities measured at fair value on a recurring basis

The following table summarizes the assets measured at fair value on a recurring basis:


	September 30, 2022
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	70,925	$	60,987	$	—	$	131,912
Available-for-Sale Securities:
Municipal Debt Securities	—		40,777		—		40,777
Corporate Debt Securities	—		82,852		—		82,852
U.S. Government Agency Securities	—		4,940		—		4,940
Total Available-for-Sale Securities	—		128,569		—		128,569
Total Assets Measured at Fair Value on a Recurring Basis	$	70,925	$	189,556	$	—	$	260,481


	December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash & Cash Equivalents	$	309,338	$	—	$	—	$	309,338
Total Assets Measured at Fair Value on a Recurring Basis	$	309,338	$	—	$	—	$	309,338

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

SPECIAL ITEMS, NET (Tables)

9 Months Ended

Sep. 30, 2022

Unusual or Infrequent Items, or Both [Abstract]

Schedule of special items, net

Special Items, net on the Condensed Consolidated Statements of Operations consist of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
CARES Act grant recognition (see Note 3)	$	—	$	—	$	—	$	(71,587)
CARES Act employee retention credit (See Note 3)	—		(68)		—		(848)
Other	—		3		—		16
Total Special Items, net	$	—	$	(65)	$	—	$	(72,419)

OPERATING SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Summary of financial information for the operating segments


	Three Months Ended September 30, 2022						Three Months Ended September 30, 2021
	Passenger		Cargo		Consolidated		Passenger		Cargo		Consolidated
Operating Revenues	$	198,013	$	23,687	$	221,700	$	149,263	$	24,400	$	173,663
Non-Fuel Operating Expenses	117,788		23,678		141,466		99,960		15,800		115,760
Aircraft Fuel	64,763		80		64,843		36,556		91		36,647
Special Items, net	—		—		—		(65)		—		(65)
Total Operating Expenses	182,551		23,758		206,309		136,451		15,891		152,342
Operating Income (Loss)	$	15,462	$	(71)	15,391		$	12,812	$	8,509	21,321
Interest Income					1,610						28
Interest Expense					(7,493)						(6,286)
Other, net					3,422						456
Income Before Income Tax					$	12,930					$	15,519


	Nine Months Ended September 30, 2022						Nine Months Ended September 30, 2021
	Passenger		Cargo		Consolidated		Passenger		Cargo		Consolidated
Operating Revenues	$	601,360	$	65,930	$	667,290	$	382,380	$	68,084	$	450,464
Non-Fuel Operating Expenses	355,894		64,470		420,364		280,272		50,272		330,544
Aircraft Fuel	206,254		80		206,334		90,468		163		90,631
Special Items, net	—		—		—		(54,018)		(18,401)		(72,419)
Total Operating Expenses	562,148		64,550		626,698		316,722		32,034		348,756
Operating Income	$	39,212	$	1,380	40,592		$	65,658	$	36,050	101,708
Interest Income					2,166						52
Interest Expense					(23,097)						(19,487)
Other, net					(5,156)						18,505
Income Before Income Tax					$	14,505					$	100,778

COMPANY BACKGROUND - Offerings (Details) - USD ($)				1 Months Ended		6 Months Ended	9 Months Ended
COMPANY BACKGROUND - Offerings (Details) - USD ($)	Mar. 19, 2021	Mar. 17, 2021	Mar. 16, 2021	Oct. 31, 2021	May 31, 2021	Oct. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock						$ 0
Offering expenses						$ 1,763,000	$ 0	$ 8,706,000
Apollo Stockholder
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)				8,500,000	7,250,000
Share price (in dollars per share)				$ 32.50	$ 34.50	$ 32.50
IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)	10,454,545		9,090,909
Share price (in dollars per share)			$ 24.00
Proceeds from issuance of common stock	$ 225,329,000
Underwriters option
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)		1,363,636		435,291	1,087,500
Private placement \| Apollo Stockholder \| PAR Investment Partners, L.P
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)			2,216,312
Aggregate purchase price			$ 50,000,000
Share price percentage of IPO share price			94.00%
Private placement \| Apollo Stockholder \| Certain funds or accounts managed by an investment adviser subsidiary of Blackrock, Inc
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)			2,216,308
Aggregate purchase price			$ 50,000,000
Share price percentage of IPO share price			94.00%

COMPANY BACKGROUND - Amazon Agreement (Details) - Amazon Agreement $ / shares in Units, $ in Thousands		9 Months Ended
	Dec. 13, 2019 USD ($) item $ / shares shares	Sep. 30, 2022 shares	Sep. 30, 2021 shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of agreement	6 years
Number of extension option \| item	2
Term of renewal of agreement	2 years
Threshold term of agreement	10 years
Warrants issued (in shares)	9,482,606
Exercise price (in dollars per share) \| $ / shares	$ 15.17
Warrants vested (in shares)	632,183	568,956	568,956
Number of warrants that vest on achievement of each milestone (in shares)	63,217
Milestone achievement for warrants to vest \| $	$ 8,000
Cumulative warrants vested (in shares)		2,212,615	1,454,008

BASIS OF PRESENTATION -Revision of Previously Issued Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Total Property & Equipment	$ 948,638						$ 948,638		$ 695,587
Total Property & Equipment, net	788,859						788,859		578,518
Deferred Tax Asset	14,734						14,734		17,608
Total Other Assets									426,461
Total Assets	1,521,444						1,521,444		1,380,422
Retained Earnings	14,764						14,764		4,372
Retained Earnings	508,005	$ 495,888	$ 497,069	$ 487,142	$ 469,019	$ 414,322	508,005	$ 487,142	490,589	$ 283,817
Total Liabilities and Stockholders' Equity	1,521,444						1,521,444		1,380,422
Operating Expenses
Depreciation and Amortization	17,181			14,710			49,364	41,532
Special Items, net	0			(65)			0	(72,419)
Total Operating Expenses				152,342				348,756
Operating Income	15,391			21,321			40,592	101,708
Income Before Income Tax	12,930			15,519			14,505	100,778
Income Tax Expense	2,253			2,140			4,113	18,444
Net Income (Loss)	$ 10,677	(3,922)	3,637	$ 13,379	52,177	16,778	$ 10,392	$ 82,334
Basic (in dollars per share)	$ 0.18			$ 0.23			$ 0.18	$ 1.51
Diluted (in dollars per share)	$ 0.18			$ 0.22			$ 0.17	$ 1.40
Stockholder's Equity
Net Income (Loss)	$ 10,677	(3,922)	3,637	$ 13,379	52,177	16,778	$ 10,392	$ 82,334
Total Stockholders' Equity	508,005	495,888	497,069	487,142	469,019	414,322	508,005	487,142	490,589	283,817
Statement of Cash Flows [Abstract]
Net Income (Loss)	10,677	(3,922)	3,637	13,379	52,177	16,778	10,392	82,334
Depreciation and Amortization	17,181			14,710			49,364	41,532
Non-Cash (Gain) Loss on Asset Transaction, Net							(318)	2
Deferred Income Taxes							3,183	18,340
Operating Lease Obligations							(61)	(32,651)
Net Cash Provided by Operating Activities							71,671	116,358
Purchases of Property & Equipment							(177,658)	(118,016)
Net Cash Used in Investing Activities							(297,610)	(118,390)
Retained Earnings (Deficit)
Balance Sheet Related Disclosures [Abstract]
Retained Earnings	14,764	4,087	8,009	5,458	(7,921)	(60,098)	14,764	5,458	4,372	38,324
Operating Expenses
Net Income (Loss)	10,677	(3,922)	3,637	13,379	52,177	16,778
Stockholder's Equity
Net Income (Loss)	10,677	(3,922)	3,637	13,379	52,177	16,778
Total Stockholders' Equity	14,764	4,087	8,009	5,458	(7,921)	(60,098)	14,764	5,458	4,372	$ 38,324
Statement of Cash Flows [Abstract]
Net Income (Loss)	10,677	$ (3,922)	3,637	13,379	52,177	16,778
Previously Reported
Balance Sheet Related Disclosures [Abstract]
Total Property & Equipment									688,624
Accumulated Depreciation & Amortization									(115,013)
Total Property & Equipment, net									573,611
Deferred Tax Asset									18,737
Total Other Assets									427,590
Total Assets									1,376,644
Retained Earnings									594
Retained Earnings			493,291	482,880	464,233	409,960		482,880	486,811
Total Liabilities and Stockholders' Equity									1,376,644
Operating Expenses
Depreciation and Amortization				14,029				40,103
Special Items, net				(65)				(65,456)
Total Operating Expenses				151,661				354,290
Operating Income				22,002				96,174
Income Before Income Tax				16,200				95,244
Income Tax Expense				2,297				17,172
Net Income (Loss)				$ 13,903	51,753	12,416		$ 78,072
Basic (in dollars per share)				$ 0.24				$ 1.44
Diluted (in dollars per share)				$ 0.23				$ 1.33
Stockholder's Equity
Net Income (Loss)				$ 13,903	51,753	12,416		$ 78,072
Total Stockholders' Equity			493,291	482,880	464,233	409,960		482,880	486,811
Statement of Cash Flows [Abstract]
Net Income (Loss)				13,903	51,753	12,416		78,072
Depreciation and Amortization				14,029				40,103
Non-Cash (Gain) Loss on Asset Transaction, Net								(12,666)
Deferred Income Taxes								17,068
Operating Lease Obligations								(19,983)
Net Cash Provided by Operating Activities								109,395
Purchases of Property & Equipment								(111,053)
Net Cash Used in Investing Activities								(111,427)
Previously Reported \| Retained Earnings (Deficit)
Balance Sheet Related Disclosures [Abstract]
Retained Earnings			4,231	1,196	(12,707)	(64,460)		1,196
Stockholder's Equity
Total Stockholders' Equity			4,231	1,196	(12,707)	(64,460)		1,196
Revision of Prior Period, Error Correction, Adjustment
Balance Sheet Related Disclosures [Abstract]
Total Property & Equipment									6,963
Accumulated Depreciation & Amortization									(2,056)
Total Property & Equipment, net									4,907
Deferred Tax Asset									(1,129)
Total Other Assets									(1,129)
Total Assets									3,778
Retained Earnings									3,778
Retained Earnings			3,778	4,262	4,786	4,362		4,262	3,778
Total Liabilities and Stockholders' Equity									3,778
Operating Expenses
Depreciation and Amortization				681				1,429
Special Items, net				0				(6,963)
Total Operating Expenses				681				(5,534)
Operating Income				(681)				5,534
Income Before Income Tax				(681)				5,534
Income Tax Expense				(157)				1,272
Net Income (Loss)				$ (524)	424	4,362		$ 4,262
Basic (in dollars per share)				$ (0.01)				$ 0.07
Diluted (in dollars per share)				$ (0.01)				$ 0.07
Stockholder's Equity
Net Income (Loss)				$ (524)	424	4,362		$ 4,262
Total Stockholders' Equity			3,778	4,262	4,786	4,362		4,262	3,778
Statement of Cash Flows [Abstract]
Net Income (Loss)				(524)	424	4,362		4,262
Depreciation and Amortization				681				1,429
Non-Cash (Gain) Loss on Asset Transaction, Net								12,668
Deferred Income Taxes								1,272
Operating Lease Obligations								(12,668)
Net Cash Provided by Operating Activities								6,963
Purchases of Property & Equipment								(6,963)
Net Cash Used in Investing Activities								(6,963)
Revision of Prior Period, Error Correction, Adjustment \| Retained Earnings (Deficit)
Balance Sheet Related Disclosures [Abstract]
Retained Earnings			3,778	4,262	4,786	4,362		4,262
Stockholder's Equity
Total Stockholders' Equity			$ 3,778	$ 4,262	$ 4,786	$ 4,362		$ 4,262
Aircraft and Flight Equipment
Balance Sheet Related Disclosures [Abstract]
Aircraft and Flight Equipment	$ 628,375						$ 628,375		447,319
Aircraft and Flight Equipment \| Previously Reported
Balance Sheet Related Disclosures [Abstract]
Aircraft and Flight Equipment									440,356
Aircraft and Flight Equipment \| Revision of Prior Period, Error Correction, Adjustment
Balance Sheet Related Disclosures [Abstract]
Aircraft and Flight Equipment									$ 6,963

IMPACT OF THE COVID-19 PANDEMIC (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
IMPACT OF THE COVID19 PANDEMIC
Grants recognized	$ 0	$ 0	$ 0	$ 71,587
CARES Act employee retention credit	$ 0	$ 68	$ 0	848
U. S. Department of the Treasury CARES Act Loan
IMPACT OF THE COVID19 PANDEMIC
Loan received				45,000
PSP2
IMPACT OF THE COVID19 PANDEMIC
Grants recognized				$ 71,587

REVENUE - Significant Categories of Operating Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUE
Total Operating Revenue	$ 221,700	$ 173,663	$ 667,290	$ 450,464
Passenger
REVENUE
Total Operating Revenue	195,360	147,718	592,753	377,042
Scheduled Service
REVENUE
Total Operating Revenue	102,200	80,212	334,679	201,905
Charter Service
REVENUE
Total Operating Revenue	42,899	33,809	118,526	88,511
Ancillary
REVENUE
Total Operating Revenue	50,261	33,697	139,548	86,626
Cargo
REVENUE
Total Operating Revenue	23,687	24,400	65,930	68,084
Other
REVENUE
Total Operating Revenue	$ 2,653	$ 1,545	$ 8,607	$ 5,338

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE - Operating Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUE
Total Operating Revenue	$ 221,700	$ 173,663	$ 667,290	$ 450,464
Domestic
REVENUE
Total Operating Revenue	214,904	167,660	634,963	429,508
Latin America
REVENUE
Total Operating Revenue	6,756	5,447	32,182	19,870
Other
REVENUE
Total Operating Revenue	$ 40	$ 556	$ 145	$ 1,086

- Definition

+ References

+ Details

REVENUE - Contract Balances (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 13, 2019	Dec. 31, 2019	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
REVENUE
Maintenance expense			$ 11,018	$ 9,660	$ 35,794	$ 30,170
Total Contract Liabilities			152,648		$ 152,648		$ 142,480
Amazon Agreement
REVENUE
Warrants vested (in shares)	632,183				568,956	568,956
Air Traffic Liabilities
REVENUE
Total Contract Liabilities			132,830		$ 132,830		118,562
Loyalty Program Liabilities
REVENUE
Revenue recognized					8,526	$ 4,816
Total Contract Liabilities			16,317	20,311	16,317	20,311	19,718	$ 22,069
Amazon Deferred Up-front Payment
REVENUE
Proceeds from startup costs		$ 10,300
Fair value of warrants vested		4,667
Total Contract Liabilities			3,501		$ 3,501		4,200
Amazon Deferred Up-front Payment \| Other Liabilities
REVENUE
Fair value of warrants vested		$ 5,633
Costs to fulfill contract with Amazon
REVENUE
Amortization period					6 years
Maintenance expense			151	208	$ 469	515
Contract Assets			2,350		2,350		$ 2,819
Cargo \| Amazon Deferred Up-front Payment
REVENUE
Revenue recognized			$ 225	$ 310	699	$ 779
Passenger
REVENUE
Revenue recognized					$ 109,852

REVENUE - Loyalty Program (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Change in Contract with Customer, Liability [Roll Forward]
Balance – January 1	$ 142,480
Balance – September 30	152,648
Loyalty Program Liabilities
Change in Contract with Customer, Liability [Roll Forward]
Balance – January 1	19,718	$ 22,069
Loyalty Points Earned	5,125	3,058
Loyalty Points Redeemed	(8,526)	(4,816)
Balance – September 30	$ 16,317	$ 20,311

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net Income	$ 10,677	$ (3,922)	$ 3,637	$ 13,379	$ 52,177	$ 16,778	$ 10,392	$ 82,334
Denominator:
Weighted Average Common Shares Outstanding - Basic (in shares)	58,146,606			57,355,104			58,039,201	54,368,231
Dilutive effect of Stock Options, RSUs and Warrants (in shares)	2,646,910			4,357,274			3,333,534	4,331,760
Weighted Average Common Shares Outstanding - Diluted (in shares)	60,793,516			61,712,378			61,372,735	58,699,991
Basic earnings per share (in dollars per share)	$ 0.18			$ 0.23			$ 0.18	$ 1.51
Diluted earnings per share (in dollars per share)	$ 0.18			$ 0.22			$ 0.17	$ 1.40
Performance-based stock options
Denominator:
Outstanding shares (in shares)	3,221,617			3,626,851			3,221,617	3,626,851
Percentage of stock options expected to meet performance conditions							63.00%	75.00%
Percentage of stock options vested and exercisable							32.50%

AIRCRAFT - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
AIRCRAFT - Additional Information (Details) $ in Thousands	Sep. 30, 2022 USD ($) aircraft	Mar. 31, 2022 USD ($) aircraft	Sep. 30, 2022 USD ($) aircraft	Sep. 30, 2021 aircraft	Dec. 31, 2021 USD ($) aircraft	Dec. 31, 2020 aircraft
AIRCRAFT - Owned and Leased
Number of aircraft	54		54	47	48	43
Number of aircraft modified to finance leases		2
Amount reclassified to finance lease, right-of-use asset \| $		$ 9,687
Over-market maintenance reserve liability reclassified to finance lease liability \| $			$ 6,023
Number of aircrafts financed using proceeds from issuance of pass-through trust certificates			5
Number of aircrafts financed using finance lease arrangement			2	3
Number of aircraft finance lease purchase options exercised			2
Number of aircrafts previously under operating leases	2			6
Additions			7	4
Aircraft maintenance deposits contra assets
AIRCRAFT - Owned and Leased
Remaining unamortized balance contra assets \| $	$ 13,211		$ 13,211		$ 22,348
Contra asset, reduction \| $			9,137
Remaining unamortized balance contra assets, used for purchase of aircraft \| $			8,362
Over-market lease rates
AIRCRAFT - Owned and Leased
Remaining unamortized balance contra assets \| $	132		132		10,363
Over market liabilities \| $	2,958		2,958		$ 14,737
Reduction in over-market maintenance reserve liabilities \| $			$ 11,779
Remaining unamortized balance contra assets, used for purchase of aircraft \| $	173
Purchase of aircraft \| $	$ 3,303
Boeing 737-800
AIRCRAFT - Owned and Leased
Number of aircraft	53		53
Boeing 737-700
AIRCRAFT - Owned and Leased
Number of aircraft	1		1
Passenger
AIRCRAFT - Owned and Leased
Number of aircraft	42		42	35	36	31
Number of aircraft modified to finance leases			2
Number of aircrafts financed	26		26
Number of aircrafts unencumbered	3		3	1
Additions			7	4

AIRCRAFT - Aircraft Fleet (Details) - aircraft	3 Months Ended	9 Months Ended
AIRCRAFT - Aircraft Fleet (Details) - aircraft	Mar. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	48	48	43
Additions		7	4
Reclassifications		0	0
Removals		(1)	0
Balance at end of period		54	47
Number of aircraft modified to finance leases	2
Number of aircraft finance lease purchase options exercised		2
Reclassifications, net change		0
Passenger
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	36	36	31
Additions		7	4
Reclassifications		0	0
Removals		(1)	0
Balance at end of period		42	35
Number of aircraft modified to finance leases		2
Passenger \| Owned
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	21	21	14
Additions		5	1
Reclassifications		4	6
Removals		(1)	0
Balance at end of period		29	21
Passenger \| Finance leases
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	9	9	5
Additions		2	3
Reclassifications		0	0
Removals		0	0
Balance at end of period		11	8
Passenger \| Operating leases
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	6	6	12
Additions		0	0
Reclassifications		(4)	(6)
Removals		0	0
Balance at end of period		2	6
Cargo \| Aircraft Operated for Amazon
Movement in Property, Plant and Equipment [Roll Forward]
Balance at beginning of period	12	12	12
Additions		0	0
Reclassifications		0	0
Removals		0	0
Balance at end of period		12	12

AIRCRAFT - Depreciation, Amortization, and Rent Expense on Aircraft (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 1,949	$ 3,925	$ 7,347	$ 13,339
Depreciation amortization and aircraft rent	16,547	16,186	48,907	47,699
Owned
AIRCRAFT - Owned and Leased
Depreciation	10,179	9,284	29,027	26,514
Finance leases
AIRCRAFT - Owned and Leased
Amortization	4,419	2,977	12,533	7,846
Operating leases
AIRCRAFT - Owned and Leased
Aircraft Rent	$ 1,949	$ 3,925	$ 7,347	$ 13,339

DEBT - Lines of Credit (Details) $ in Thousands		3 Months Ended	9 Months Ended		12 Months Ended
DEBT - Lines of Credit (Details) $ in Thousands	Feb. 10, 2021 USD ($)	Sep. 30, 2022 USD ($) aircraft	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($) aircraft	Dec. 31, 2021 USD ($) aircraft
DEBT
Number of aircrafts previously under operating leases \| aircraft		2		6
Loss on Extinguishment of Debt			$ 1,557	$ 1,224
Credit Facilities \| Line of Credit
DEBT
Term of debt	5 years
Minimum EBITDAR required to be maintained		$ 87,700	87,700
Minimum liquidity required to be maintained		30,000	30,000
Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
DEBT
Maximum borrowing capacity	$ 25,000
Line of credit facility, amount available		24,650	24,650
Delayed Draw Term Loan Facility
DEBT
Number of aircrafts previously under operating leases \| aircraft					6
Delayed Draw Term Loan Facility \| Loans Payable
DEBT
Maximum borrowing capacity	90,000
Amount of draw					$ 80,500
Current borrowing capacity		$ 0	$ 0
Prior revolving credit agreement \| Line of Credit \| Revolving Credit Facility
DEBT
Maximum borrowing capacity	$ 25,000

DEBT - Long-term Debt (Details) - Notes payable	1 Months Ended	9 Months Ended
DEBT - Long-term Debt (Details) - Notes payable	Dec. 31, 2019 USD ($) aircraft	Sep. 30, 2022 USD ($) aircraft	Mar. 31, 2022 USD ($) aircraft
Notes payable under the Company's 2019-1 EETC agreement
DEBT
Face amount \| $	$ 248,587,000
Number of used aircrafts purchased or refinanced	13
Notes payable under the Company's 2022-1 EETC agreement
DEBT
Face amount \| $			$ 188,277,000
Number of aircraft financed by debt			13
Debt issuance costs \| $		$ 2,526,000
Number of aircraft owned and refinanced		5
Number of aircraft owned		2
Number of aircraft acquired in current period		4
Number of aircraft bought-out from an existing finance lease		2
Appraised value \| $		$ 259,688,000
Interest expense capitalized \| $		$ 2,327,000

DEBT - Long-term Debt Schedule (Details) - USD ($)	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
DEBT
Total Debt	$ 373,903,000		$ 280,931,000
Less: Unamortized debt issuance costs	(3,706,000)		(3,505,000)
Less: Current Maturities of Long-term Debt	(45,535,000)		(29,412,000)
Total Long-term Debt	324,662,000		248,014,000
Notes payable under the Company's 2019-1 EETC agreement \| Notes payable
DEBT
Total Debt	$ 194,884,000		202,984,000
Face amount				$ 248,587,000
Weighted average interest rate	4.73%
Notes payable under the Company's 2019-1 EETC agreement \| Minimum \| Notes payable
DEBT
Interest Rate				4.13%
Notes payable under the Company's 2019-1 EETC agreement \| Maximum \| Notes payable
DEBT
Interest Rate				6.95%
Notes payable under the Company's 2022-1 EETC agreement \| Notes payable
DEBT
Total Debt	$ 179,019,000		0
Face amount		$ 188,277,000
Weighted average interest rate	5.06%
Notes payable under the Company's 2022-1 EETC agreement \| Minimum \| Notes payable
DEBT
Interest Rate		4.84%
Notes payable under the Company's 2022-1 EETC agreement \| Maximum \| Notes payable
DEBT
Interest Rate		5.75%
Delayed Draw Term Loan Facility \| Loans Payable
DEBT
Total Debt	$ 0		77,481,000
Notes payable
DEBT
Total Debt	$ 0		$ 466,000

DEBT - Future Maturities of the Outstanding Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Principal Payments
Remainder of 2022	$ 18,187
2023	58,518
2024	60,157
2025	65,241
2026	45,668
Thereafter	126,132
Total	373,903	$ 280,931
Amortization of Debt Issuance Costs
Remainder of 2022	(264)
2023	(962)
2024	(777)
2025	(602)
2026	(415)
Thereafter	(686)
Total	(3,706)	$ (3,505)
Net Debt
Remainder of 2022	17,923
2023	57,556
2024	59,380
2025	64,639
2026	45,253
Thereafter	125,446
Net Debt	$ 370,197

DEBT - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Fair value	$ 340,067	$ 272,004

FUEL DERIVATIVES AND RISK MANAGEMENT - Additional Information (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fuel Derivative Contracts
FUEL DERIVATIVES AND RISK MANAGEMENT
Outstanding derivative contracts	$ 0	$ 0

FUEL DERIVATIVES AND RISK MANAGEMENT - Changes in Derivative Assets (Liabilities) (Details) - Fuel Derivative Contracts - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Changes in Derivative Assets (Liabilities)
Balance - January 1	$ 0	$ (1,174)
Non-cash Gains	0	3,527
Contract Settlements	0	(2,105)
Balance - September 30	$ 0	$ 248

FUEL DERIVATIVES AND RISK MANAGEMENT - Fuel Derivative Gains (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fuel Derivative Contracts
Fuel Derivative Gains (Losses)
Total Fuel Derivative Gains (Losses)	$ 0	$ (72)	$ 0	$ 3,527

Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 129,660
Gross Unrealized Gains	0
Gross Unrealized Losses	(1,091)
Fair Value	128,569
Municipal Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	41,108
Gross Unrealized Gains	0
Gross Unrealized Losses	(331)
Fair Value	40,777
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	83,547
Gross Unrealized Gains	0
Gross Unrealized Losses	(695)
Fair Value	82,852
U.S. Government Agency Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	5,005
Gross Unrealized Gains	0
Gross Unrealized Losses	(65)
Fair Value	4,940
Certificates of Deposit
Debt Securities, Available-for-Sale [Line Items]
Certificates of deposit	$ 6,601	$ 6,283

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	$ 131,912		$ 275,332
Available-for-Sale Securities:	128,569
Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	40,777
Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	82,852
U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	4,940
Recurring
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	131,912	$ 309,338
Available-for-Sale Securities:	128,569
Total Assets Measured at Fair Value on a Recurring Basis	260,481	309,338
Recurring \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	40,777
Recurring \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	82,852
Recurring \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	4,940
Recurring \| Level 1
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	70,925	309,338
Available-for-Sale Securities:	0
Total Assets Measured at Fair Value on a Recurring Basis	70,925	309,338
Recurring \| Level 1 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	0
Recurring \| Level 1 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	0
Recurring \| Level 1 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	0
Recurring \| Level 2
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	60,987	0
Available-for-Sale Securities:	128,569
Total Assets Measured at Fair Value on a Recurring Basis	189,556	0
Recurring \| Level 2 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	40,777
Recurring \| Level 2 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	82,852
Recurring \| Level 2 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	4,940
Recurring \| Level 3
FAIR VALUE MEASUREMENTS
Cash & Cash Equivalents	0	0
Available-for-Sale Securities:	0
Total Assets Measured at Fair Value on a Recurring Basis	0	$ 0
Recurring \| Level 3 \| Municipal Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	0
Recurring \| Level 3 \| Corporate Debt Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	0
Recurring \| Level 3 \| U.S. Government Agency Securities
FAIR VALUE MEASUREMENTS
Available-for-Sale Securities:	$ 0

INCOME TAXES (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 16, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate		17.40%	13.80%	28.40%	18.30%
Percentage of cash savings	85.00%
Percentage of cash savings retained	15.00%
Non-current liability recognized	$ 115,200	$ 103,800		$ 103,800		$ 98,800
Decrease to the tax receivable agreement liability				$ 5,000

SPECIAL ITEMS, NET - Schedule of Special Items, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Unusual or Infrequent Items, or Both [Abstract]
CARES Act grant recognition (see Note 3)	$ 0	$ 0	$ 0	$ (71,587)
CARES Act employee retention credit (See Note 3)	0	(68)	0	(848)
Other	0	3	0	16
Total Special Items, net	$ 0	$ (65)	$ 0	$ (72,419)

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Long-term Purchase Commitment [Line Items]
Installment payment	$ 177,658	$ 118,016
Flight Simulator
Long-term Purchase Commitment [Line Items]
Commitment	9,745
Installment payment	$ 8,781

OPERATING SEGMENTS (Details) $ in Thousands	3 Months Ended		9 Months Ended
OPERATING SEGMENTS (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
OPERATING SEGMENTS
Number of operating segments \| segment			2
Total Operating Revenue	$ 221,700	$ 173,663	$ 667,290	$ 450,464
Non-Fuel Operating Expenses	141,466	115,760	420,364	330,544
Aircraft Fuel	64,843	36,647	206,334	90,631
Special Items, net	0	(65)	0	(72,419)
Total Operating Expenses	206,309	152,342	626,698	348,756
Operating Income (Loss)	15,391	21,321	40,592	101,708
Interest Income	1,610	28	2,166	52
Interest Expense	(7,493)	(6,286)	(23,097)	(19,487)
Other, net	3,422	456	(5,156)	18,505
Income Before Income Tax	12,930	15,519	14,505	100,778
Passenger
OPERATING SEGMENTS
Total Operating Revenue	198,013	149,263	601,360	382,380
Non-Fuel Operating Expenses	117,788	99,960	355,894	280,272
Aircraft Fuel	64,763	36,556	206,254	90,468
Special Items, net	0	(65)	0	(54,018)
Total Operating Expenses	182,551	136,451	562,148	316,722
Operating Income (Loss)	15,462	12,812	39,212	65,658
Cargo
OPERATING SEGMENTS
Total Operating Revenue	23,687	24,400	65,930	68,084
Non-Fuel Operating Expenses	23,678	15,800	64,470	50,272
Aircraft Fuel	80	91	80	163
Special Items, net	0	0	0	(18,401)
Total Operating Expenses	23,758	15,891	64,550	32,034
Operating Income (Loss)	$ (71)	$ 8,509	$ 1,380	$ 36,050

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Common stock-par value (in dollars per share)		$ 0.01	$ 0.01
Subsequent Event
Subsequent Event [Line Items]
Repurchase program, authorized amount	$ 50,000
Common stock-par value (in dollars per share)	$ 0.01