SkyWest Airlines 2009 Annual Report Download - page 64
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SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Year Ended December 31,
2009 2008 2007
OPERATING REVENUES:
Passenger ....................................... $2,582,238 $3,466,287 $3,342,131
Ground handling and other .......................... 31,376 29,962 32,201
Total operating revenues .......................... 2,613,614 3,496,249 3,374,332
OPERATING EXPENSES:
Aircraft fuel ..................................... 390,739 1,220,618 1,062,079
Salaries, wages and benefits ......................... 698,326 724,094 726,947
Aircraft maintenance, materials and repairs .............. 436,039 381,653 297,960
Aircraft rentals ................................... 300,773 295,784 294,443
Depreciation and amortization ....................... 221,548 220,195 208,944
Station rentals and landing fees ....................... 116,312 132,017 135,757
Ground handling services ........................... 95,805 106,135 140,374
Other, net ...................................... 141,877 160,522 163,304
Total operating expenses .......................... 2,401,419 3,241,018 3,029,808
OPERATING INCOME ............................. 212,195 255,231 344,524
OTHER INCOME (EXPENSE):
Interest income .................................. 11,121 20,776 31,650
Interest expense .................................. (86,330) (106,064) (126,320)
Impairment on marketable securities ................... (7,115) — —
Other ......................................... 1,862 6,240 467
Total other expense, net .......................... (80,462) (79,048) (94,203)
INCOME BEFORE INCOME TAXES ................... 131,733 176,183 250,321
PROVISION FOR INCOME TAXES .................... 48,075 63,254 91,129
NET INCOME .................................... $ 83,658 $ 112,929 $ 159,192
BASIC EARNINGS PER SHARE ...................... $ 1.50 $ 1.95 $ 2.54
DILUTED EARNINGS PER SHARE ................... $ 1.47 $ 1.93 $ 2.49
Weighted average common shares:
Basic .......................................... 55,854 57,790 62,710
Diluted ........................................ 56,814 58,633 64,044
See accompanying notes to consolidated financial statements.
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