SkyWest Airlines 2004 Annual Report Download - page 35

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33
SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Year Ended December 31,
2004 2003 2002
OPERATING REVENUES:
Passenger $1,139,580 $ 882,062 $ 769,427
Ground handling and other 16,464 5,964 5,020
Total operating revenues 1,156,044 888,026 774,447
OPERATING EXPENSES:
Flying operations 577,492 417,801 330,198
Customer service 180,578 139,125 123,453
Maintenance 113,537 83,829 82,786
Depreciation and amortization 76,817 74,419 57,535
Promotion and sales 4,608 13,572 16,871
General and administrative 58,236 50,800 45,487
US Government airline assistance — — (1,438)
Total operating expenses 1,011,268 779,546 654,892
OPERATING INCOME 144,776 108,480 119,555
OTHER INCOME (EXPENSE):
Interest income 10,050 10,492 12,383
Interest expense (18,239) (9,891) (3,611)
Gain on sale of property and equipment — 406 —
Total other income (expense), net (8,189) 1,007 8,772
INCOME BEFORE INCOME TAXES AND CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE 136,587 109,487 128,327
PROVISION FOR INCOME TAXES 54,635 42,700 50,050
INCOME BEFORE CUMULATIVE EFFECT OF
CHANGE IN ACCOUNTING PRINCIPLE 81,952 66,787 78,277
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE, NET OF TAX OF $5,494 — — 8,589
NET INCOME $ 81,952 $ 66,787 $ 86,866
BASIC EARNINGS PER SHARE:
Income before cumulative effect of
change in accounting principle $ 1.42 $ 1.16 $ 1.37
Cumulative effect of change in accounting principle,
net of tax — — 0.15
Basic earnings per share $ 1.42 $ 1.16 $ 1.52
DILUTED EARNINGS PER SHARE:
Income before cumulative effect of
change in accounting principle $ 1.40 $ 1.15 $ 1.36
Cumulative effect of change in accounting principle,
net of tax — — 0.15
Diluted earnings per share $ 1.40 $ 1.15 $ 1.51
Weighted average common shares:
Basic 57,858 57,745 57,229
Diluted 58,350 58,127 57,551
See accompanying notes to consolidated financial statements.