SkyWest Airlines 2006 Annual Report Download - page 54

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See accompanying notes to consolidatedfinancial statements.
48
SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Year Ended December 31,
2006 2005 2004
OPERATING REVENUES:
Passenger. ............................................. $3,087,215$1,938,450 $1,139,580
Ground handling andother .............................. 27,441 25,598 16,464
Totaloperatingrevenues.............................. 3,114,6561,964,048 1,156,044
OPERATING EXPENSES:
Flying operations ....................................... 1,721,8951,079,292 577,492
Customer service....................................... 405,781 271,746 180,578
Maintenance ........................................... 311,926 186,675 113,537
Depreciationandamortization........................... 189,885 115,275 76,817
Generalandadministrative.............................. 146,009 90,652 62,844
Totaloperatingexpenses.............................. 2,775,4961,743,640 1,011,268
OPERATING INCOME .................................. 339,160 220,408 144,776
OTHER INCOME (EXPENSE):
Interestincome......................................... 19,953 12,943 10,050
Interestexpense........................................ (118,002)(53,330)(18,239)
Gain (loss) on sale of property andequipment.............. (949)175—
Loss on sale of marketable securities ...................... (135)(570)—
Totalotherexpense,net............................... (99,133)(40,782)(8,189)
INCOME BEFORE INCOME TAXES ..................... 240,027 179,626 136,587
PROVISIONFORINCOME TAXES...................... 94,221 67,359 54,635
NETINCOME........................................... $145,806 $112,267 $81,952
BASICEARNINGSPERSHARE ......................... $2.33 $1.94 $1.42
DILUTED EARNINGS PER SHARE...................... $2.30 $1.90 $1.40
Weighted average common shares:
Basic.................................................. 62,474 57,851 57,858
Diluted................................................ 63,382 58,933 58,350