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NEW YORK (TheStreet) -- TheStreet's Jim Cramer explains what he likes about Spirit Airlines  (SAVE) - Get Spirit Airlines, Inc. Report right now.

Cramer had CEO Ben Baldanza on Mad Money on Tuesday night, and Cramer says the executive demonstrated that his model is the workable one. The model is to have the lowest cost, add more routes, and get more planes to really take it to the major players in the airline industry.

Cramer reminds investors that the other, larger airline companies have a very high fare umbrella, but Spirit is a fee-based airline that is making money.

Must Watch: Jim Cramer Says Spirit Airlines Stock Will Fly to New Heights

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He tells investors to watch the stock because if it can take out the high from last year, then it would be the new leader. Right now, the leader is Southwest Airlines  (LUV) - Get Southwest Airlines Co. Report , Cramer thinks Spirit can "come back and take it all."

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