Southwest Airlines 2011 Annual Report Download - page 113
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The carrying amounts and estimated fair values of the Company’s (including AirTran) long-term debt
(including current maturities) at December 31, 2011, are contained in the below table. The estimated fair values
of publicly held long-term debt were based on quoted market prices.
(in millions)
Carrying
value
Estimated
fair value
French Credit Agreements due 2012 ............................................ $ 7 $ 7
6.5% Notes due 2012 ........................................................ 387 382
5.25% Notes due 2014 ....................................................... 375 393
5.75% Notes due 2016 ....................................................... 329 355
5.25% Convertible Senior Notes due 2016 ........................................ 118 117
5.125% Notes due 2017 ...................................................... 336 349
Fixed-rate 717 Aircraft Notes payable through 2017 - 10.38% ........................ 67 66
French Credit Agreements due 2018 ............................................ 64 65
Fixed-rate 737 Aircraft Notes payable through 2018 - 7.02% ......................... 42 43
Term Loan Agreement due 2019—6.315% ....................................... 269 274
Term Loan Agreement due 2019—6.84% ........................................ 106 113
Term Loan Agreement due 2020—5.223% ....................................... 487 440
Floating-rate 737 Aircraft Notes payable through 2020 - 1.91% ....................... 604 578
Pass Through Certificates due 2022 ............................................. 411 435
7.375% Debentures due 2027 .................................................. 135 148
12. Net Income Per Share
The following table sets forth the computation of basic and diluted net income per share (in millions except
per share amounts):
2011 2010 2009
NUMERATOR:
Net income ............................................... $178 $459 $ 99
DENOMINATOR:
Weighted-average shares outstanding, basic ...................... 774 746 741
Dilutive effect of Employee stock options ....................... 1 1 —
Adjusted weighted-average shares outstanding, diluted ............. 775 747 741
NET INCOME PER SHARE:
Basic .................................................... $.23 $.62 $.13
Diluted ................................................... $.23 $.61 $.13
Potentially dilutive amounts excluded from calculations Stock
options ................................................. 48 62 79
5.25% Convertible Notes .................................... 6 — —
107