They fill it up with Christmas travelers and it is "utilization flying" - an extra trip for an existing aircraft. Instead of sitting in CLE for the night it goes out in the evening and returns as a red-eye in the eqrly morning without disrupting it's usual daytime schedule. Thus, they can treat the fixed depreciation/maintenance costs associated with the aircraft as essentially zero - the variable cost for CLE-SAN is only crew and fuel. Some years after 9/11 CO used to do it in the summer, too.
I heard a story (which I'm not sure I believe) - that CO, which used to run CLE-SAN daily, cut the trip because they gave up a gate and ground handlers in SAN as a post-9/11 economy measure and could no longer physically turn around three aircraft at three gates simultaneously. So they kept the Newark and Houston flights (natch) and cancelled the one to CLE.
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