JetBlue Airlines 2003 Annual Report Download - page 74

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JETBLUE AIRWAYS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
December 31, 2003
Note 14—Government Compensation (Continued)
among other things, for compensation to U.S. passenger and cargo airlines for direct and incremental
losses incurred from September 11, 2001 to December 31, 2001 as a result of the September 11th
terrorist attacks. We received compensation of $3.2 million and $15.9 million during 2002 and 2001,
respectively, and recognized $0.4 million and $18.7 million of compensation in other income (expense)
during the same periods.
Note 15—Quarterly Financial Data (Unaudited)
Quarterly results of operations for the years ended December 31 are summarized below (in
thousands, except per share amounts):
First Second Third Fourth
Quarter Quarter(1) Quarter Quarter
2003
Operating revenues ................... $ 217,130 $ 244,701 $ 273,576 $ 262,944
Operating income .................... 34,453 45,544 53,836 35,000
Net income ........................ 17,358 37,957 29,043 19,540
Basic earnings per share ............... $ 0.18 $ 0.40 $ 0.29 $ 0.19
Diluted earnings per share ............. $ 0.17 $ 0.36 $ 0.26 $ 0.17
2002
Operating revenues ................... $ 133,369 $ 149,303 $ 165,261 $ 187,258
Operating income .................... 23,378 27,707 22,461 31,441
Net income ........................ 13,004 14,586 12,155 15,163
Basic earnings per share ............... $ 1.26 $ 0.18 $ 0.13 $ 0.16
Diluted earnings per share ............. $ 0.15 $ 0.15 $ 0.12 $ 0.15
(1) Government compensation recorded in other income (expense) was $22.8 million in the second
quarter of 2003.
The sum of the quarterly earnings per share amounts does not equal the annual amount reported
since per share amounts are computed independently for each quarter and for the full year based on
respective weighted-average common shares outstanding and other dilutive potential common shares.
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