Here's a quick WAG:

In C2012 we reduced the profit sharing formula from 15% to 10% of the profit up to $2.5 Billion, to self fund our crappy raises, but left the amount above $2.5 Billion alone, at 20%.

Now they are also going to reduce the amount of PS above $2.5 Billion to 10% instead of 20% to self fund these crappy raises. That is a 50% reduction!

If the company earns $6 Billion, that's a reduction from $700 Million (20% of the amount above $2.5 B) to half of that; or $350 Million. That is for all employees, the pilots get about 1/3 of that number, or $115 Million, instead of twice that, or $230 Million.

In 'real dollars' the number crunchers at the MEC have said that amount equals 5.75% in pay rates, which is why we get a 6% pay raise on Jan 1. It's a wash, not a 'raise'.

The two out years of 3% raises are a joke, just like 2012. Those both need to be at least 5%.

The 8% up front is a 'raise' but still 10% short of the raise required to bring us back to 2004 pay rates, which will finally be obtained...in 2018! 14 years and Billions in concessions after 2004.

So basically, what we are getting is an 8% raise, but only if we give up a lot of other concessions to 'pay' for it. JV concessions is one of the biggest concessions, but you never wanted to be a Wide Body Captain anyway, right?

You'll look sweet with that E195 retirement photo.