Yes, but built mostly on hopes of dreams of 18-20 million in reimbursement.

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Outlook

New Collective Bargaining Agreement with the Air Line Pilots Association
We entered into a joint collective bargaining agreement with the Air Line Pilots Association (“ALPA”) during February 2011 covering the pilots at
all three of our operating subsidiaries. The new agreement contains substantial salary and benefits increases for our pilots, bringing their total compensation in line with the average for airlines with similarly sized aircraft. As a result, for the three and nine months ended September 30, 2011, the new agreement increased our salaries, wages and benefits costs by approximately $4.9 million and $13.7 million, respectively, and we expect our total pilot costs to increase by approximately $19 million for the full year 2011.

In connection with our acquisition of Mesaba, we modified our existing capacity purchase agreements with Delta to provide for a rate adjustment
that is designed to increase our rates under all of our capacity purchase agreements with Delta commensurate with the increase in pilot labor costs related to our Delta operations.

The rate adjustment will be calculated and agreed to by us and Delta 12 months after Pinnacle’s and Mesaba’s pilots are covered under a joint collective bargaining agreement, which occurred in February 2011.

As part of the rate adjustment, we will receive a one-time retroactive payment related to the prior 12 months for the increase in our pilot costs, inclusive of training and displacement related to the merging of Pinnacle’s and Mesaba’s jet operations.

In addition, we will receive a prospective adjustment payable for future periods such that our rates pertaining to pilot costs will be approximately equivalent to our actual pilot costs at the time of the rate adjustment.

While we will not receive any cash payments related to these adjustments from Delta until 2012, we currently estimate that the one-time retroactive adjustment related to the 12 months ending March 2012 could be as much as $18 million to $20 million, and the prospective rate increase that would begin in March 2012 could be as much as $14 million to $17 million annually.

No assurances can be made that the amount of the rate adjustments ultimately agreed to with Delta will equal our current estimates. We have not recorded any revenue associated with these rate adjustments in 2011, and we do not expect to recognize any of this revenue until 2012 upon the final determination of the amount with Delta.



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In other words, hopes and dreams. It's like how I estimated every pilot would receive a pony as part of the new JCBA, but "no assurances can be made that the amount of ponies, if any, will equal our current estimates."