Alaska Airlines and Horizon Air 2012 Annual Report Download - page 140
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ALASKA AIR GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31 (in millions, except per share amounts) 2012 2011 2010
Operating Revenues
Passenger
Mainline ........................................... $ 3,284 $ 2,995 $ 2,595
Regional .......................................... 746 713 671
Total passenger revenue ................................ 4,030 3,708 3,266
Freight and mail ........................................ 111 109 106
Other—net ............................................ 516 501 460
Total Operating Revenues ................................ 4,657 4,318 3,832
Operating Expenses
Wages and benefits ..................................... 1,038 991 961
Variable incentive pay .................................... 88 72 92
Aircraft fuel, including hedging gains and losses ............... 1,459 1,298 901
Aircraft maintenance ..................................... 222 206 217
Aircraft rent ............................................ 116 116 139
Landing fees and other rentals ............................. 243 238 233
Contracted services ..................................... 200 185 163
Selling expenses ........................................ 168 175 154
Depreciation and amortization ............................. 264 247 230
Food and beverage service ................................ 79 67 57
Other ................................................. 248 235 201
Fleet transition and restructuring related expenses ............. —39 13
Total Operating Expenses ................................ 4,125 3,869 3,361
Operating Income ....................................... 532 449 471
Nonoperating Income (Expense)
Interest income ......................................... 19 22 29
Interest expense ........................................ (64) (87) (108)
Interest capitalized ...................................... 18 12 6
Other—net ............................................ 9(2) 8
(18) (55) (65)
Income before income tax ................................ 514 394 406
Income tax expense ..................................... 198 149 155
Net Income ............................................ $ 316 $ 245 $ 251
Basic Earnings Per Share: ................................ $ 4.47 $ 3.41 $ 3.50
Diluted Earnings Per Share: ............................... $ 4.40 $ 3.33 $ 3.41
Shares used for computation:
Basic ............................................... 70.708 71.755 71.644
Diluted .............................................. 71.784 73.421 73.571
See accompanying notes to consolidated financial statements.
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