Spirit Airlines 2015 Annual Report Download - page 35

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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, 2015, 2014 and 2013 and the
balance sheet data as of December 31, 2015 and 2014 from our audited financial statements included in this annual report. We
derived the selected statements of operations data for the years ended December 31, 2012 and 2011 and the balance sheet data
as of December 31, 2013, 2012 and 2011 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.
Year Ended December 31,
2015 2014 2013 2012 2011
(in thousands, except share and per share data)
Operating revenues:
Passenger. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,169,338 $ 1,144,972 $ 986,018 $ 782,792 $ 689,650
Non-ticket . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 972,125 786,608 668,367 535,596 381,536
Total operating revenue 2,141,463 1,931,580 1,654,385 1,318,388 1,071,186
Operating expenses:
Aircraft fuel (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 461,447 612,909 551,746 471,763 388,046
Salaries, wages and benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378,210 313,988 262,150 218,919 181,742
Aircraft rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,531 195,827 169,737 143,572 116,485
Landing fees and other rents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,077 105,115 83,604 68,368 52,794
Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,576 74,823 67,481 56,668 51,349
Maintenance, materials and repairs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,448 73,956 60,143 49,460 34,017
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,908 46,971 31,947 15,256 7,760
Other operating . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,867 149,675 144,586 127,886 91,172
Loss on disposal of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,604 3,008 525 956 255
Special charges (credits) (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673 45 174 (8,450) 3,184
Total operating expenses 1,632,341 1,576,317 1,372,093 1,144,398 926,804
Operating income 509,122 355,263 282,292 173,990 144,382
Other expense (income):
Interest expense (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,382 2,747 214 1,350 24,781
Capitalized interest (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,553) (2,747) (214) (1,350) (2,890)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,125) (336) (401) (925) (575)
Other expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 2,605 283 331 235
Total other expense (income). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,719 2,269 (118) (594) 21,551
Income before income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 502,403 352,994 282,410 174,584 122,831
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,183 127,530 105,492 66,124 46,383
Net income $ 317,220 $ 225,464 $ 176,918 $ 108,460 $ 76,448
Earnings Per Share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4.39 $ 3.10 $ 2.44 $ 1.50 $ 1.44
Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4.38 $ 3.08 $ 2.42 $ 1.49 $ 1.43
Weighted average shares outstanding:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,207,725 72,738,961 72,592,765 72,385,574 53,240,898
Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,426,060 73,293,869 72,999,221 72,590,574 53,515,348
(1) Aircraft fuel expense is the sum of (i) “into-plane fuel cost,” which includes the cost of jet fuel and certain other charges such as fuel taxes and oil,
(ii) realized gains and losses related to fuel derivative contracts and (iii) unrealized gains and losses related to fuel derivative contracts. The
following table summarizes the components of aircraft fuel expense for the periods presented: