Southwest Airlines 2011 Annual Report Download - page 48

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Recent Sales of Unregistered Securities
During the fourth quarter of 2011, Herbert D. Kelleher, Chairman Emeritus of the Company, exercised options
to purchase unregistered shares of the Company’s Common Stock from the Company as follows:
Number of
shares
purchased
Option
exercise
price per
share
Date of
exercise
Aggregate
proceeds
to the
Company
50,844 $ 1.00 12/14/2011 $ 50,844
The issuance of the above shares to Mr. Kelleher was exempt from registration under the Securities Act of
1933 pursuant to the provisions of Section 4(2) of the Securities Act because, among other things, of the limited
number of participants in such transactions and the agreement and representation of Mr. Kelleher that he was
acquiring such securities for investment and not with a view to distribution thereof. The issuance of such shares
was not underwritten.
Issuer Repurchases
Issuer Purchases of Equity Securities (1)
(a) (b) (c) (d)
Period
Total number
of shares
purchased
Average
price
paid per
share
Total number of
shares purchased
as part of publicly
announced plans
or programs
Maximum dollar
value of shares that
may yet be
purchased
under the plans
or programs
October 1, 2011 through October 31, 2011 ........ — $— — $325,004,354
November 1, 2011 through November 30, 2011 .... 5,600,000 $7.78 5,600,000 $281,426,034
December 1, 2011 through December 31, 2011 .... 765,610 $8.39 765,610 $275,004,404
Total .................................. 6,365,610 6,365,610
(1) In January 2008, the Company’s Board of Directors authorized the repurchase of up to $500 million of the
Company’s common stock. Through February 15, 2008, the Company had repurchased 4.4 million shares
for a total of approximately $54 million, at which time repurchases under the program were suspended. On
August 5, 2011, the Company’s Board of Directors authorized the Company to resume a share repurchase
program and approved the Company’s repurchase, on a discretionary basis, of a total of up to $500 million
of the Company’s common stock following such authorization. During 2011, the Company purchased
approximately 27.5 million shares of its common stock for approximately $225 million of the $500 million
in total currently authorized by the Board. Repurchases are made in accordance with applicable securities
laws in the open market or in private transactions from time to time, depending on market conditions, and
may be discontinued at any time.
42