UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT PURSUANT
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TO SECTION 13 OR 15(d) OF THE
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SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): March 18, 2010
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CONTINENTAL AIRLINES, INC.
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(Exact Name of Registrant as Specified in Its Charter)
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DELAWARE
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(State or Other Jurisdiction of Incorporation)
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1-10323
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74-2099724
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(Commission File Number)
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(IRS Employer Identification No.)
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1600 Smith Street, Dept. HQSEO, Houston, Texas
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77002
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(Address of Principal Executive Offices)
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(Zip Code)
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(713) 324-2950
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(Registrant's Telephone Number, Including Area Code)
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______________________________________
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(Former Name or Former Address, if Changed Since Last Report)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
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(17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
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(17 CFR 240.13e-4(c))
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Item 7.01.
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Regulation FD Disclosure.
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Item 9.01.
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Financial Statements and Exhibits.
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(d)
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Exhibits
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99.1
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Investor Update
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SIGNATURE
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CONTINENTAL AIRLINES, INC.
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March 18, 2010
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By /s/ Chris Kenny
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Chris Kenny
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Vice President and Controller
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EXHIBIT INDEX
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99.1
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Investor Update
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DeAnne Gabel
Director - Investor Relations
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Investor Update
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Issue Date: March 18, 2010
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Available Seat Miles (ASMs)
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1st Qtr. 2010 (E)
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||
Year-over-Year % Change
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|||
Mainline
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|||
Domestic
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(1.8%)
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||
Latin America
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5.0%
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||
Transatlantic
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(5.5%)
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||
Pacific
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15.5%
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||
Total Mainline
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0.0%
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||
Regional
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(1.6%)
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||
Consolidated
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|||
Domestic
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(1.6%)
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International
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1.5%
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Total Consolidated
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(0.2%)
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Load Factor
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1st Qtr. 2010 (E)
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Full Year 2010 (E)
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|||||
Domestic
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81%
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-
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82%
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84%
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-
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85%
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Latin America
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81%
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-
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82%
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81%
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-
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82%
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Transatlantic
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76%
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-
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77%
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79%
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-
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80%
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Pacific
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79%
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-
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80%
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77%
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-
|
78%
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Total Mainline
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80%
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-
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81%
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81%
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-
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82%
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Regional
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75%
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-
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76%
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78%
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-
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79%
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Consolidated
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79%
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-
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80%
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81%
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-
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82%
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CASM Mainline Operating Statistics
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2010 Estimate (cents)
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|||||||
1st Qtr.
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Full Year
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|||||||
CASM
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11.29
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-
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11.34
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11.18
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-
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11.23
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||
Special Items per ASM
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-
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-
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||||||
CASM Less Special Items (a)
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11.29
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-
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11.34
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11.18
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-
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11.23
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Aircraft Fuel & Related Taxes per ASM
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(2.99)
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(3.21)
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||||||
CASM Less Special Items and Aircraft Fuel & Related Taxes (b)
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8.30
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-
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8.35
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7.97
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-
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8.02
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CASM Consolidated Operating Statistics
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||||||||
CASM
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12.18
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-
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12.23
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12.04
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-
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12.09
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||
Special Items per ASM
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-
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-
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||||||
CASM Less Special Items (a)
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12.18
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-
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12.23
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12.04
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-
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12.09
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||
Aircraft Fuel & Related Taxes per ASM
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(3.21)
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(3.42)
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||||||
CASM Less Special Items and Aircraft Fuel & Related Taxes (b)
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8.97
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-
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9.02
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8.62
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-
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8.67
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Selected Expense Amounts (Consolidated Expense)
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2010 Estimate Amounts (millions)
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1st Qtr.
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Full Year
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Aircraft Rent
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$230
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$922
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Depreciation & Amortization
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$132
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$511
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Net Interest Expense*
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$86
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$336
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*Net Interest Expense includes interest expense, capitalized interest and interest income.
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Fuel Requirements (Gallons)
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2010 Estimate
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1st Qtr.
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Full Year
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Mainline
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329 million
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1,431 million
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Regional
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68 million
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282 million
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Consolidated Fuel Price per Gallon (including fuel taxes and
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$2.12
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$2.22
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impact of hedges)
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Maximum Price
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Minimum Price
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|||||||
% of
Expected
Consumption
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Weighted Average Price (per gallon)
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% of
Expected
Consumption
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Weighted
Average Price
(per gallon)
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|||||
First Quarter 2010
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||||||||
Gulf Coast jet fuel swaps
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5%
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$1.94
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5%
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$1.94
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||||
WTI crude oil swaps
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15%
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$1.84
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15%
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$1.84
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||||
WTI crude call options
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4%
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$2.11
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n/a
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n/a
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||||
Total
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24%
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20%
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||||||
Second Quarter 2010
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||||||||
WTI crude oil swaps
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13%
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$1.81
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13%
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$1.81
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||||
WTI crude call options
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9%
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$2.20
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n/a
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n/a
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||||
Total
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22%
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13%
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||||||
Third Quarter 2010
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||||||||
WTI crude oil swaps
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10%
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$1.83
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10%
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$1.83
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||||
WTI crude call options
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16%
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$2.23
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n/a
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n/a
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||||
Total
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26%
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10%
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||||||
Fourth Quarter 2010
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||||||||
WTI crude oil swaps
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3%
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$1.78
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3%
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$1.78
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||||
WTI crude call options
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18%
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$2.29
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n/a
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n/a
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||||
Total
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21%
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3%
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||||||
Full Year 2010
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||||||||
Gulf Coast jet fuel swaps
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1%
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$1.94
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1%
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$1.94
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||||
WTI crude oil swaps
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10%
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$1.83
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10%
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$1.83
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||||
WTI crude call options
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12%
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$2.23
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n/a
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n/a
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||||
Total
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23%
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11%
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Cash Capital Expenditures ($Millions)
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2010 Estimate
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Fleet Related
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$265
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Non-Fleet
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140
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Net Capital Expenditures*
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$405
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Net Purchase Deposits Paid/(Refunded)
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15
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Total Cash Expenditures
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$420
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Quarterly
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Number of Shares
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Interest addback (net of applicable profit
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Earnings Level
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Basic
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Diluted
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sharing and income taxes impact)
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Over $138
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139
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166
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$12
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Between $93 - $138
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139
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162
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$8
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Between $35 - $93
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139
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153
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$3
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Under $35
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139
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141
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--
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Net Loss
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139
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139
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--
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Year-to-date
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Number of Shares
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Interest addback (net of applicable profit
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Earnings Level
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Basic
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Diluted
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sharing and income taxes impact)
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Over $467
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140
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162
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$31
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Between $290 - $467
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140
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158
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$18
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Between $119 - $290
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140
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154
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$10
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Under $119
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140
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142
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--
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Net Loss
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140
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140
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--
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Total
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Total
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|||||
Year End
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Net Inductions and Exits
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Year End
|
||||
2009
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1Q10E
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2Q10E
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3Q10E*
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4Q10E**
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2010E
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Mainline
|
||||||
777-200ER
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20
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-
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-
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2
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-
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22
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767-400ER
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16
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-
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-
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-
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-
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16
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767-200ER
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10
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-
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-
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-
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-
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10
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757-300
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18
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2
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1
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-
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-
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21
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757-200
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41
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-
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-
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-
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-
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41
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737-900ER
|
30
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-
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-
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-
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2
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32
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737-900
|
12
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-
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-
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-
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-
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12
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737-800*
|
117
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-
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-
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4
|
5
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126
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737-700
|
36
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-
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-
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-
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-
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36
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737-300
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3
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(3)
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-
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-
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-
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-
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737-500
|
34
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(3)
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3
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-
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-
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34
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Total
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337
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(4)
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4
|
6
|
7
|
350
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Regional
|
||||||
ERJ-145
|
227
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(4)
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(2)
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-
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-
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221
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ERJ-135
|
-
|
-
|
-
|
-
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-
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-
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CRJ200LR
|
7
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(7)
|
-
|
-
|
-
|
-
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Q400
|
14
|
-
|
-
|
1
|
5
|
20
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Q200
|
16
|
-
|
-
|
-
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-
|
16
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Total
|
264
|
(11)
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(2)
|
1
|
5
|
257
|
Total Count
|
601
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(15)
|
2
|
7
|
12
|
607
|
-
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Six 787-8s (four in 3Q11 and two in 4Q11)
|
-
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Four 737-900ERs (four in 2Q11)
|
-
|
Three 737-800s (two in 1Q11, one in 3Q11)
|