In order to explore the extent to which the LCCs and the FSCs are becoming more similar, I use a set of
metrics constructed to capture some of the key features of the two competing business models. All metrics were
constructed using data from the Bureau of Transportation Statistics (BTS) between 1993 and 2010 for three groups
of carriers: the FSCs1, all LCCs2 and a select subset of all LCCs (first eight carriers in the list of all LCCs). For the
purpose of this study, I compiled the list of LCCs based on existing studies of the LCC phenomenon (US
Department of Transportation, 1996; Ito & Lee, 2003), the current classification employed by the Bureau of
Transportation Statistics and my assessment of airline specific data on operating costs. The select group of LCCs
includes the most successful carriers in terms of market share.