Southwest Airlines 1998 Annual Report Download - page 42

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42
SOUTHWEST AIRLINES CO. ยค SIX STORIES OF FREEDOM
CONSOLIDATED STATEMENT OF INCOME
YEARS ENDED DECEMBER 31,
(In thousands except per share amounts) 1998 1997 1996
Operating Revenues:
Passenger $3,963,781 $3,639,193 $3,269,238
Freight 98,500 94,758 80,005
Other 101,699 82,870 56,927
Total operating revenues 4,163,980 3,816,821 3,406,170
Operating Expenses:
Salaries, wages, and benefits (Note 9) 1,285,942 1,136,542 999,719
Fuel and oil 388,348 494,952 484,673
Maintenance materials and repairs 302,431 256,501 253,521
Agency commissions 157,766 157,211 140,940
Aircraft rentals 202,160 201,954 190,663
Landing fees and other rentals 214,907 203,845 187,600
Depreciation 225,212 195,568 183,470
Other operating expenses 703,603 646,012 614,749
Total operating expenses 3,480,369 3,292,585 3,055,335
Operating Income 683,611 524,236 350,835
Other expenses (Income):
Interest expense 56,276 63,454 59,269
Capitalized interest (25,588) (19,779) (22,267)
Interest income (31,083) (36,616) (25,797)
Nonoperating (gains) losses, net (21,106) 221 (1,732)
Total other expenses (income) (21,501) 7,280 9,473
INCOME BEFORE INCOME TAXES 705,112 516,956 341,362
PROVISION FOR INCOME TAXES
(NOTE 10) 271,681 199,184 134,025
NET INCOME $433,431 $317,772 $207,337
NET INCOME PER SHARE, BASIC (NOTES 7, 8,
AND 11) $1.30 $.97 $.64
NET INCOME PER SHARE, DILUTED (NOTES 7,
8, AND 11) $1.23 $.93 $.61
See accompanying notes.