Rising Stock Price (NYSE: ALK)

April 29, 2021 09:30

Rising Stock Price (NYSE: ALK)

_{(Compiled from the 2^nd virtual roadshow transcript and lightly edited.)}

Q Our stocks are up way up today (April 12, 2021) at 71. What would you say that has on the influence of how we are doing?

I think that it’s an encouraging sign for Alaska in particular. I do think that at least with the last scan–I haven’t been following the other aviation stocks–but I think our stock is probably a little over inflated at the moment based on recovery. It is encouraging, but the recovery is far from certain.
MEC President Jeff Peterson

Yeah, I think … that’s a good point, Jeff. The recovery is far from certain, and if you look at where we are with a 71-ish dollar value stock, it’s the highest it’s been since about 2017 October. But if you look at carriers that are positioned in the box that I talked about earlier, which is no wide body international mostly domestic discretionary traffic, those carriers including Alaska, Southwest, somewhat jetBlue, Spirit, Allegiant (and) Frontier. Those stocks are all kind of in that same bucket. They’re close to all-time highs–at least all-time highs in the last three or four years–and it’s all because those are the places of the industry analysts expect the recovery to be to be happening fastest. It’s a reflection of not what’s actually occurring but relative to other airline stocks.
What’s likely to occur at Alaska and other primarily narrow body domestic focus carriers are looking at…a faster recovery than United, American and Delta, which if you look at their stocks are still about halfway back to where they were this time or a little bit earlier last year. So, I think it’s a reflection of what the market expects to happen in the future not so much what’s happening now.
Aviation Economist Dan Akins – FlightPath Economics, LLC

“Vacation Coordination Bank” [JCBA]

February 17, 2018 13:09

Q: Can you please explain the Vacation Coordination Bank in greater detail?

A: The Vacation Coordination Bank would allow Flight Attendants the ability to coordinate with unpaid vacation (i.e., even if a Flight Attendant had -0- TFP in a year) in order to maintain health insurance benefits at the active employee rate while on an eligible leave of absence pursuant to §15.M. This is especially important because the JCBA provides for a medical leave of 4 years duration instead of today’s 1 year maximum (unless management approves additional time, which has not been the case recently).

Our current Agreement allows Flight Attendants to use paid vacation to coordinate with an unpaid leave of absence in order to maintain health insurance at the active employee rate.

Section 15.M.2.a. (Leaves of Absence, Minimum Coordination with Vacation):

Minimum Coordination: A Flight Attendant may choose to coordinate the use of vacation/Longevity PTO in conjunction with medical, maternity or parental leave, FMLA, Workers’ Compensation, STD or LTD in order to maintain insurance benefits for her-/himself and her/his eligible dependents, if applicable, at the active employee contribution rate. … If coordinating with vacation/Longevity PTO, s/he must utilize a minimum of two (2) vacation/Longevity PTO days in each partial or full bid month until depleted.

Under the JCBA, instead of the requirement to coordinate with paid vacation, a Flight Attendant who had not earned any paid vacation would be credited with her full possible vacation entitlement (as though s/he had been credited the ‘hard’ 480) for the purposes of minimum coordination. Those “vacation coordination bank” days would be applied at two days/month in order for the Flight Attendant to maintain health insurance at the active rate. In the current CBA, one can only coordinate with paid vacation days.

Example: A 26-year FA was on a medical leave for most of 2017 and was only credited with 190 TFP in 2017. Because of the 190 TFP credit for 2017, the Flight Attendant did not earn any paid/unpaid vacation for 2018. However, her/his possible Vacation/Longevity PTO accrual would be 42 days. Therefore, s/he may use those 42 “vacation coordination bank” days to coordinate 2 days/month in order to maintain health insurance at the active employee rate. In 2019, s/he may do the same thing. Under today’s CBA, s/he would need paid vacation days to coordinate per §15.M.2.a.

Merger Tentative Agreements & Resources

February 16, 2018 21:30

The Joint Negotiating Committee (JNC) has prepared the comprehensive full text tentative agreements (TAs) that make up the overall Merger Agreement.

The Merger Agreement is the global ‘umbrella’ document and incorporates all agreements related to the merger by reference. Keep in mind that in order to transition pre-merger Virgin America (pmVX) Flight Attendants onto the pre-merger Alaska Airlines (pmAS) pay, work rules and other contract provisions, some letters of agreement (LOAs) apply only to the pmVX FAs, some apply to only pmAS FAs, and some apply to both. However, all eligible pmAS and pm VX FAs will be voting on the collection of TAs, so you should familiarize yourself with every LOA.

AFA AS-VX Merger TAs & Resources >

Now that the comprehensive full text documents have been posted, the JNC blog will go live shortly.

JNC blog >

Email us at jnc@afaalaska.org for topic suggestions, questions or general feedback.

In Solidarity,

Your JNC – MEC President Jeffrey Peterson, Jennifer Wise MacColl, Jamie Cogen, Lindsey Steele and AFA Senior Staff Negotiator Paula Mastrangelo

The roadshow schedule may be found in the February 3, 2018 ”Save the Date: Tentative Merger Agreement Roadshows” membership release. AFA anticipates voting will open shortly after the completion of roadshows in mid-March and will end in early April. Any pre-merger Alaska Airlines (pmAS) or pre-merger Virgin America (pmVX) FAs are welcome to attend any and all sessions. Please be aware that only AFA members in good standing may vote on the TA, so it is extremely important that pmAS FAs are current on their dues and pmVX FAs have completed an AFA membership application prior to the vote.