Allegiant Travel Co. marked its 37th consecutive profitable quarter in the first quarter, with $21.7 million in net income, an increase of 26.5 percent from the same period in 2011.

Average fares for Allegiant, which flies out of the Fort Collins-Loveland Airport, increased 6 percent to $132.70 year-over-year in the first quarter. Aircraft fuel expenses increased 29.3 percent on a 41 cent increase per gallon.

Total operating income increased 30.5 percent to $36.3 million in the first quarter from $27.8 million in the same period of 2011.

Las Vegas-based Allegiant Travel Co. is the parent company of Allegiant Air, the only commercial airline that flies out of Fort Collins-Loveland.