Allegiant declares one-time $2 per share dividend

In a rare move for an airline, Las Vegas-based Allegiant Travel Co. announced on Tuesday that it would pay a one-time $2 per share dividend.

Shareholders of record on Nov. 30 will be able to receive the payment on Dec. 14.

During the quarterly earnings conference calls, at least one analyst generally raises the issue of returning cash to shareholders, with a dividend being one method. The company moved at this juncture "because of the strength of our performance, our healthy cash balances and our ability to grow the company through strong cash flows from operations."

Allegiant did not institute a regular dividend but said future one-time payouts would be considered.

As of Sept. 30, the company held $357.1 million in cash or short-term investments while the dividend will cost only about $38 million. The long-term debt stood at $142.1 million.

The announcement came at the close of regular trading. The stock was unchanged in after-hours trading at $72.49 a share.