That's a lot closer to reality. I can live with that estimate of 19.5 cent CASM.

Because a lot of the regionals' costs are picked up the majors, the actual operating costs of RJs gets very convoluted and is hard to pull up exact numbers off of their securities filings. For instance, SkyWest's filing mentions that fuel, station rents, and some maintenance is paid for by the contracting airline so SkyWest's CASM doesn't account for all of their costs. Those numbers aren't going to be captured by a regional's security filings because those costs do not effect their financials.