The board is concerned about ROI. With UA buying back shares and market capitalization appearing to finally to start catching up to AA, DL, and WN, it will be a loooong time before the board starts insisting revenue premiums from a bygone, money-losing era. Somewhere during the analysts' questions in the conference call, Smisek was very vague about future capacity and where it would be deployed, other than repeating the mantra "discipline." The reply from the analyst was, "I was hoping you would say that." Methinks the board is pleased with UA right now.