From the roadshow Q and A.
All I see is an acknowledgement that management can't manage,resulting in the loss. I see nothing attributing the financial performance to the pilot costs. Our pilot costs aren't $30 million more than Skywest. Not that I needed any convincing to vote no, but this cements the decision.
The XJT losses were attributed to a number of factors, the most significant of which were higher than normal scheduled maintenance events in the period, significant additional costs attributable to integrating XJT and ASA, depreciating certain fixed assets as required, and much lower incentive payments from mainline partners due to poor operational performance in many of the months. SkyWest Airlines was more profitable, primarily due to consistently good operational performance, meeting mainline targets, and receiving regular incentive payments. Basically, SkyWest Airlines subsidized the losses of XJT during the 2012 and 2013 time periods, helping to keep SkyWest, Inc. profitable.