SkyWest Airlines 2010 Annual Report Download - page 71
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SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Year Ended December 31,
2010 2009 2008
OPERATING REVENUES:
Passenger ....................................... $2,724,276 $2,582,238 $3,466,287
Ground handling and other .......................... 40,869 31,376 29,962
Total operating revenues .......................... 2,765,145 2,613,614 3,496,249
OPERATING EXPENSES:
Salaries, wages and benefits ......................... 764,933 698,326 724,094
Aircraft maintenance, materials and repairs .............. 487,466 436,039 381,653
Aircraft fuel ..................................... 340,074 390,739 1,220,618
Aircraft rentals ................................... 311,909 300,773 295,784
Depreciation and amortization ....................... 236,499 221,548 220,195
Station rentals and landing fees ....................... 129,537 116,312 132,017
Ground handling services ........................... 110,649 95,805 106,135
Acquisition related costs ............................ 8,815 — —
Other, net ...................................... 173,437 141,877 160,522
Total operating expenses .......................... 2,563,319 2,401,419 3,241,018
OPERATING INCOME ............................. 201,826 212,195 255,231
OTHER INCOME (EXPENSE):
Interest income .................................. 14,376 11,121 20,776
Interest expense .................................. (86,517) (86,330) (106,064)
Impairment on marketable securities ................... — (7,115) —
Purchase accounting gain ........................... 15,586 — —
Other ......................................... 630 1,862 6,240
Total other expense, net .......................... (55,925) (80,462) (79,048)
INCOME BEFORE INCOME TAXES ................... 145,901 131,733 176,183
PROVISION FOR INCOME TAXES .................... 49,551 48,075 63,254
NET INCOME .................................... $ 96,350 $ 83,658 $ 112,929
BASIC EARNINGS PER SHARE ...................... $ 1.73 $ 1.50 $ 1.95
DILUTED EARNINGS PER SHARE ................... $ 1.70 $ 1.47 $ 1.93
Weighted average common shares:
Basic .......................................... 55,610 55,854 57,790
Diluted ........................................ 56,526 56,814 58,633
See accompanying notes to consolidated financial statements.
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