SkyWest Airlines 2002 Annual Report Download - page 35

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SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Year Ended December 31,
2002 2001 2000
OPERATING REVENUES:
Passenger .......................................... $769,427 $595,985 $516,159
Freight and other ..................................... 5,020 5,880 6,838
Total operating revenues .............................. 774,447 601,865 522,997
OPERATING EXPENSES:
Flying operations ..................................... 330,198 252,346 208,932
Customer service ..................................... 123,453 97,827 72,079
Maintenance ........................................ 82,786 87,577 63,318
Depreciation and amortization ........................... 57,535 45,888 32,575
Promotion and sales ................................... 16,871 25,747 26,593
General and administrative .............................. 45,487 35,097 29,529
US Government airline assistance ......................... (1,438) (8,181) —
Other ............................................. — — 924
Total operating expenses .............................. 654,892 536,301 433,950
OPERATING INCOME: ................................. 119,555 65,564 89,047
OTHER INCOME (EXPENSE):
Interest income ...................................... 12,383 17,249 12,532
Interest expense ...................................... (3,611) — (2,511)
Gain on sale of property and equipment .................... — — 518
Total other income, net ............................... 8,772 17,249 10,539
INCOME BEFORE INCOME TAXES AND CUMULATIVE
EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE ....... 128,327 82,813 99,586
PROVISION FOR INCOME TAXES ....................... 50,050 32,297 38,712
INCOME BEFORE CUMULATIVE EFFECT OF
CHANGE IN ACCOUNTING PRINCIPLE ................... 78,277 50,516 60,874
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE, Net of tax of $5,492 ......................... 8,589 — —
NET INCOME ........................................ $ 86,866 $ 50,516 $ 60,874
BASIC EARNINGS PER SHARE:
Income before cumulative effect of change in accounting principle . $ 1.37 $ 0.90 $ 1.18
Cumulative effect of change in accounting principle, net of tax .... 0.15 — —
Basic earnings per share ................................ $ 1.52 $ 0.90 $ 1.18
DILUTED EARNINGS PER SHARE:
Income before cumulative effect of change in accounting principle . $ 1.36 $ 0.88 $ 1.16
Cumulative effect of change in accounting principle, net of tax .... 0.15 — —
Diluted earnings per share .............................. $ 1.51 $ 0.88 $ 1.16
WEIGHTED AVERAGE COMMON SHARES:
Basic .............................................. 57,229 56,365 51,521
Diluted ............................................ 57,551 57,237 52,644
See accompanying notes to consolidated financial statements.
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