Joe, our point is this: most of Porter's business is in the Toronto/Ottawa/Montreal triangle, and that's where it competes for much of its business. The US destinations are less productive for it, certainly, and the vacation destinations, and the smaller towns it serves are just fill-in, surely.

In its prospectus, it claims that its Q400s are more fuel efficient than its competitors - giving it a market advantage. So a comparison with those competitors is most apt. If they are in fact less fuel-efficient than its competitors on those core routes, then they shouldn't be saying the opposite. That's misleading.

Brian Iler