Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of airline holding company Republic Airways (Nasdaq: RJET) lost as much as 16% thanks to a nosedive during today's trading.

So what: The company reported third-quarter earnings today that soared past last year's results. However, the numbers were muddled by the fact that Republic snapped up both Frontier and Midwest Airlines over the past year. The company's calculation of adjusted earnings per share -- which excluded the dilutive impact of its convertible debt along with integration costs -- came in at $0.76, well ahead of analysts' expectations. While investors could have been ready to cheer the earnings news, the company also announced that it will be selling 12 million new shares -- or expanding its share base by roughly a third -- to help finance an aircraft order from Embraer (NYSE: ERJ) and improve its liquidity position.

Now what: It shouldn't be too surprising that investors are riled up by the share offering -- that's a very hefty bump in the share count. The market could also be taking this as a sign that the company would have had difficulty getting a decent price in the debt markets for a similar-sized offering. Looking ahead, the key will be whether the company is able to put the new cash toward uses that generate more value for the company than the implied cost of the new shares.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.