Spirit Airlines 2012 Annual Report Download - page 34

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ITEM 6. SELECTED FINANCIAL DATA
You should read the following selected historical financial and operating data below in conjunction with “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and the financial statements, related notes and other financial information included in this annual report. The selected financial data in
this section are not intended to replace the financial statements and are qualified in their entirety by the financial statements and related notes included in this annual report.
We derived the selected statements of operations data for the years ended December 31, 2012 , 2011 and 2010 and the balance sheet data as of December 31, 2012
and
2011 from our audited financial statements included in this annual report. We derived the selected statements of operations data for the years ended December 31, 2009 and
2008 and the balance sheet data as of December 31, 2008 , 2009 and 2010 from our audited financial statements not included in this annual report. Our historical results are
not necessarily indicative of the results to be expected in the future.
33
Year Ended December 31,
2012
2011
2010 (1)
2009
2008
(in thousands except share and per share data)
Operating revenues:
Passenger
$
782,792
$
689,650
$
537,969
$
536,181
$
657,448
Non-ticket
535,596
381,536
243,296
163,856
129,809
Total operating revenue
1,318,388
1,071,186
781,265
700,037
787,257
Operating expenses:
Aircraft fuel (2)
471,763
388,046
248,206
181,107
299,094
Salaries, wages and benefits
218,919
181,742
156,443
135,420
147,015
Aircraft rent
143,572
116,485
101,345
89,974
105,605
Landing fees and other rents
68,368
52,794
48,118
42,061
43,331
Distribution
56,668
51,349
41,179
34,067
37,816
Maintenance, materials and repairs
49,460
34,017
27,035
27,536
24,237
Depreciation and amortization
15,256
7,760
5,620
4,924
4,236
Other operating
127,886
91,172
83,748
72,921
85,608
Loss on disposal of assets
956
255
77
1,010
4,122
Special charges (credits) (3)
(8,450
)
3,184
621
(392
)
17,902
Total operating expenses
1,144,398
926,804
712,392
588,628
768,966
Operating income
173,990
144,382
68,873
111,409
18,291
Other expense (income):
Interest expense (4)
1,350
24,781
50,313
46,892
40,245
Capitalized interest (5)
(1,350
)
(2,890
)
(1,491
)
(951
)
(166
)
Interest income
(925
)
(575
)
(328
)
(345
)
(1,976
)
Gain on extinguishment of debt (6) —
—
—
(
19,711
)
(53,673
)
Other expense
331
235
194
298
214
Total other expense (income)
(594
)
21,551
48,688
26,183
(15,356
)
Income before income taxes
174,584
122,831
20,185
85,226
33,647
Provision (benefit) for income taxes (7)
66,124
46,383
(52,296
)
1,533
388
Net income
$
108,460
$
76,448
$
72,481
$
83,693
$
33,259
Earnings Per Share:
Basic
$
1.50
$
1.44
$
2.77
$
3.23
$
1.29
Diluted
$
1.49
$
1.43
$
2.72
$
3.18
$
1.29
Weighted average shares outstanding:
Basic
72,385,574
53,240,898
26,183,772
25,910,766
25,780,070
Diluted
72,590,574
53,515,348
26,689,855
26,315,121
25,879,860
(1)
We estimate that the 2010 pilot strike had a net negative impact on our operating income for 2010 of approximately $24 million consisting of an estimated $28 million in lost revenues and approximately $4
million of incremental costs resulting from the strike, offset in part by a reduction of variable expenses during the strike of approximately $8 million for flights not flown. Additionally, under the terms of
the pilot contract, we also paid $2.3 million in return-to-work payments during the second quarter, which are not included in the strike impact costs described above.