SkyWest Airlines 2007 Annual Report Download - page 43

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42
SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Year Ended December 31,
2007 2006 2005
OPERATING REVENUES:
Passenger ........................................................................................................ $3,342,131 $3,087,215 $1,938,450
Ground handling and other ............................................................................. 32,201 27,441 25,598
Total operating revenues.............................................................................. 3,374,332 3,114,656 1,964,048
OPERATING EXPENSES:
Flying operations ............................................................................................ 1,845,510 1,721,895 1,079,292
Customer service............................................................................................. 428,666 405,781 271,746
Maintenance.................................................................................................... 397,855 311,926 186,675
Depreciation and amortization........................................................................ 208,944 189,885 115,275
General and administrative ............................................................................. 148,833 146,009 90,652
Total operating expenses.............................................................................. 3,029,808 2,775,496 1,743,640
OPERATING INCOME.................................................................................... 344,524 339,160 220,408
OTHER INCOME (EXPENSE):
Interest income................................................................................................ 31,650 19,953 12,943
Interest expense............................................................................................... (126,320) (118,002) (53,330)
Gain (loss) on sale of property and equipment ............................................... 467 (949) 175
Loss on sale of marketable securities.............................................................. — (135) (570)
Total other expense, net ............................................................................... (94,203) (99,133) (40,782)
INCOME BEFORE INCOME TAXES............................................................. 250,321 240,027 179,626
PROVISION FOR INCOME TAXES............................................................... 91,129 94,221 67,359
NET INCOME................................................................................................... $159,192 $145,806 $112,267
BASIC EARNINGS PER SHARE.................................................................... $2.54 $2.33 $1.94
DILUTED EARNINGS PER SHARE............................................................... $2.49 $2.30 $1.90
Weighted average common shares:
Basic ............................................................................................................... 62,710 62,474 57,851
Diluted ............................................................................................................ 64,044 63,382 58,933
See accompanying notes to consolidated financial statements.