SkyWest Airlines 2003 Annual Report Download - page 34

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SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Year Ended December 31,
2003 2002 2001
OPERATING REVENUES:
Passenger $ 882,062 $ 769,427 $ 595,985
Freight and other 5,964 5,020 5,880
Total operating revenues 888,026 774,447 601,865
OPERATING EXPENSES:
Flying operations 417,801 330,198 252,346
Customer service 139,125 123,453 97,827
Maintenance 83,829 82,786 87,577
Depreciation and amortization 74,419 57,535 45,888
Promotion and sales 13,572 16,871 25,747
General and administrative 50,800 45,487 35,097
US Government airline assistance — (1,438) (8,181)
Total operating expenses 779,546 654,892 536,301
OPERATING INCOME 108,480 119,555 65,564
OTHER INCOME (EXPENSE):
Interest income 10,492 12,383 17,249
Interest expense (9,891) (3,611) —
Gain on sale of property and equipment 406 — —
Total other income, net 1,007 8,772 17,249
INCOME BEFORE INCOME TAXES AND CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE 109,487 128,327 82,813
PROVISION FOR INCOME TAXES 42,700 50,050 32,297
INCOME BEFORE CUMULATIVE EFFECT OF
CHANGE IN ACCOUNTING PRINCIPLE 66,787 78,277 50,516
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE, NET OF TAX OF $5,494
—
8,589
—
NET INCOME $ 66,787 $ 86,866 $ 50,516
BASIC EARNINGS PER SHARE:
Income before cumulative effect of
change in accounting principle $ 1.16 $ 1.37 $ 0.90
Cumulative effect of change in accounting principle,
net of tax — 0.15 —
Basic earnings per share $ 1.16 $ 1.52 $ 0.90
DILUTED EARNINGS PER SHARE:
Income before cumulative effect of
change in accounting principle $ 1.15 $ 1.36 $ 0.88
Cumulative effect of change in accounting principle,
net of tax — 0.15 —
Diluted earnings per share $ 1.15 $ 1.51 $ 0.88
Weighted average common shares:
Basic 57,745 57,229 56,365
Diluted 58,127 57,551 57,237
See accompanying notes to consolidated financial statements.
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