I agree with camilos.  Add to the list that their fleet will be amongst the most modern, they seem to be winning back customers (record load factors and awarded best International  North American airline) and recent studies and submissions to the fed about the disadvantages of operating in Canada (taxes, airport costs) which could bring additional relief to the cost structure.  It seems to me, management is missing no opportunity to improve their business model and I think the Harper government has repeatedly shown a sympathetic attitude towards AC.  Fuel costs have been relatively stable and manageable of late.  Cash flow and cash on hand are healthy.  I expect an excellent current Q, coming on the heals of the last Q which signalled a turnaround in the making.  I am admitedly biased.  I'm betting the farm on AC.B.