SkyWest Airlines 2005 Annual Report Download - page 48

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44
SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Year Ended December 31,
2005 2004 2003
OPERATING REVENUES:
Passenger $1,938,450 $1,139,580 $ 882,062
Ground handling and other 25,598 16,464 5,964
Total operating revenues 1,964,048 1,156,044 888,026
OPERATING EXPENSES:
Flying operations 1,079,292 577,492 417,801
Customer service 271,746 180,578 139,125
Maintenance 186,675 113,537 83,829
Depreciation and amortization 115,275 76,817 74,419
General and administrative 90,652 62,844 64,372
Total operating expenses 1,743,640 1,011,268 779,546
OPERATING INCOME 220,408 144,776 108,480
OTHER INCOME (EXPENSE):
Interest income 12,943 10,050 10,492
Interest expense (53,330) (18,239) (9,891)
Gain on sale of property and equipment 175 — 406
Loss on sale of marketable securities (570) — —
Total other income (expense), net (40,782) (8,189) 1,007
INCOME BEFORE INCOME TAXES 179,626 136,587 109,487
PROVISION FOR INCOME TAXES 67,359 54,635 42,700
NET INCOME $ 112,267 $ 81,952 $ 66,787
BASIC EARNINGS PER SHARE $ 1.94 $ 1.42 $ 1.16
DILUTED EARNINGS PER SHARE $ 1.90 $ 1.40 $ 1.15
Weighted average common shares:
Basic 57,851 57,858 57,745
Diluted 58,933 58,350 58,127
See accompanying notes to consolidated financial statements.