SkyWest Airlines 2008 Annual Report Download - page 60
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SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Year Ended December 31,
2008 2007 2006
OPERATING REVENUES:
Passenger ....................................... $3,466,287 $3,342,131 $3,087,215
Ground handling and other .......................... 29,962 32,201 27,441
Total operating revenues .......................... 3,496,249 3,374,332 3,114,656
OPERATING EXPENSES:
Aircraft fuel ..................................... 1,220,618 1,062,079 1,010,717
Salaries, wages and benefits ......................... 724,094 726,947 673,961
Aircraft maintenance, materials and repairs .............. 381,653 297,960 220,705
Aircraft rentals ................................... 295,784 294,443 281,497
Depreciation and amortization ....................... 220,195 208,944 189,885
Station rentals and landing fees ....................... 132,017 135,757 118,990
Ground handling services ........................... 106,135 140,374 134,034
Other, net ...................................... 160,522 163,304 145,707
Total operating expenses .......................... 3,241,018 3,029,808 2,775,496
OPERATING INCOME ............................. 255,231 344,524 339,160
OTHER INCOME (EXPENSE):
Interest income .................................. 20,776 31,650 19,953
Interest expense .................................. (106,064) (126,320) (118,002)
Other ......................................... 6,240 467 (1,084)
Total other expense, net .......................... (79,048) (94,203) (99,133)
INCOME BEFORE INCOME TAXES ................... 176,183 250,321 240,027
PROVISION FOR INCOME TAXES .................... 63,254 91,129 94,221
NET INCOME .................................... $ 112,929 $ 159,192 $ 145,806
BASIC EARNINGS PER SHARE ...................... $ 1.95 $ 2.54 $ 2.33
DILUTED EARNINGS PER SHARE ................... $ 1.93 $ 2.49 $ 2.30
Weighted average common shares:
Basic .......................................... 57,790 62,710 62,474
Diluted ........................................ 58,633 64,044 63,382
See accompanying notes to consolidated financial statements.
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