I don't think we've hit the bottom yet. There's still more pilots available than there is flying to contract. As long as the majors can shuffle flying to other regionals, we are not at the bottom. The bottom comes when the majors can't find pilots at the regional level to fly. I don't think that is going to happen anytime soon.

One caveat to this argument is whether or not the pilots at the majors relax on Scope. If that happens we will never hit rock bottom.