Alaska Airlines and Horizon Air 2009 Annual Report Download - page 158
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ALASKA AIR GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31 (in millions except per share amounts) 2009 2008 2007
Operating Revenues
Passenger ........................................... $3,092.1 $3,355.8 $3,236.5
Freight and mail ....................................... 95.9 103.6 97.8
Other—net ........................................... 211.8 160.9 171.7
Change in Mileage Plan terms ............................ —42.3 —
Total Operating Revenues .............................. 3,399.8 3,662.6 3,506.0
Operating Expenses
Wages and benefits .................................... 988.1 943.7 959.0
Variable incentive pay .................................. 76.0 21.4 20.8
Aircraft fuel, including hedging gains and losses ............. 658.1 1,398.4 876.3
Aircraft maintenance ................................... 223.1 208.8 241.8
Aircraft rent .......................................... 153.7 163.1 178.4
Landing fees and other rentals ........................... 223.2 223.7 226.0
Contracted services .................................... 150.6 166.1 160.6
Selling expenses ...................................... 131.8 147.1 160.5
Depreciation and amortization ............................ 219.2 204.6 177.4
Food and beverage service .............................. 50.1 50.9 49.7
Other ............................................... 213.9 222.9 230.5
New pilot contract transition costs ........................ 35.8 ——
Restructuring charges .................................. —12.9 —
Fleet transition costs—MD-80 ........................... —47.5 —
Fleet transition costs—CRJ-700 .......................... —13.5 —
Fleet transition costs—Q200 ............................ 8.8 10.2 14.1
Total Operating Expenses .............................. 3,132.4 3,834.8 3,295.1
Operating Income (Loss) ............................... 267.4 (172.2) 210.9
Nonoperating Income (Expense)
Interest income ....................................... 32.6 42.4 53.9
Interest expense ...................................... (100.5) (102.3) (88.0)
Interest capitalized .................................... 7.6 23.2 27.8
Other—net ........................................... (4.2) (4.3) (4.1)
(64.5) (41.0) (10.4)
Income (loss) before income tax .......................... 202.9 (213.2) 200.5
Income tax expense (benefit) ............................ 81.3 (77.3) 76.2
Net Income (Loss) .................................... $ 121.6 $ (135.9) $ 124.3
Basic Earnings (Loss) Per Share: ......................... $ 3.39 $ (3.74) $ 3.10
Diluted Earnings (Loss) Per Share: ....................... $ 3.36 $ (3.74) $ 3.07
Shares used for computation:
Basic ........................................... 35.815 36.343 40.125
Diluted .......................................... 36.154 36.343 40.424
See accompanying notes to consolidated financial statements.
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