SkyWest Airlines 2011 Annual Report Download - page 69
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SKYWEST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Year Ended December 31,
2011 2010 2009
OPERATING REVENUES:
Passenger ....................................... $3,584,777 $2,724,276 $2,582,238
Ground handling and other .......................... 70,146 40,869 31,376
Total operating revenues .......................... 3,654,923 2,765,145 2,613,614
OPERATING EXPENSES:
Salaries, wages and benefits ......................... 1,155,051 764,933 698,326
Aircraft maintenance, materials and repairs .............. 712,926 487,466 436,039
Aircraft fuel ..................................... 592,871 340,074 390,739
Aircraft rentals ................................... 346,526 311,909 300,773
Depreciation and amortization ....................... 254,182 236,499 221,548
Station rentals and landing fees ....................... 174,838 129,537 116,312
Ground handling services ........................... 131,462 110,649 95,805
Acquisition related costs ............................ 5,770 8,815 —
Other, net ...................................... 240,192 173,437 141,877
Total operating expenses .......................... 3,613,818 2,563,319 2,401,419
OPERATING INCOME ............................. 41,105 201,826 212,195
OTHER INCOME (EXPENSE):
Interest income .................................. 8,236 14,376 11,121
Interest expense .................................. (80,383) (86,517) (86,330)
Impairment on marketable securities ................... — — (7,115)
Purchase accounting gain (adjustment) ................. (5,711) 15,586 —
Other, net ...................................... (13,417) 630 1,862
Total other expense, net .......................... (91,275) (55,925) (80,462)
INCOME (LOSS) BEFORE INCOME TAXES ............ (50,170) 145,901 131,733
PROVISION (BENEFIT) FOR INCOME TAXES .......... (22,835) 49,551 48,075
NET INCOME (LOSS) .............................. (27,335) $ 96,350 $ 83,658
BASIC EARNINGS (LOSS) PER SHARE ................ $ (0.52) $ 1.73 $ 1.50
DILUTED EARNINGS (LOSS) PER SHARE ............. $ (0.52) $ 1.70 $ 1.47
Weighted average common shares:
Basic .......................................... 52,201 55,610 55,854
Diluted ........................................ 52,201 56,526 56,814
See accompanying notes to consolidated financial statements.
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