Southwest Airlines 1995 Annual Report Download - page 28

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28
CONSOLIDATED STATEMENT OF INCOME
(in thousands except per share amounts) Years ended
December 31,
1995 1994 1993
OPERATING REVENUES:
Passenger $2,760,756 $2,497,765 $2,216,342
Freight 65,825 54,419 42,897
Other 46,170 39,749 37,434
Total operating revenues 2,872,751 2,591,933 2,296,673
OPERATING EXPENSES:
Salaries, wages, and benefits (Note 10) 867,984 756,023 641,747
Fuel and oil 365,670 319,552 304,424
Maintenance materials and repairs 217,259 190,308 163,395
Agency commissions 123,380 133,081 130,445
Aircraft rentals 169,461 132,992 107,885
Landing fees and other rentals 160,322 148,107 129,222
Depreciation 156,771 139,045 119,338
Other operating expenses 498,373 456,116 397,441
Merger expenses (Note 2) --10,803
Total operating expenses 2,559,220 2,275,224 2,004,700
OPERATING INCOME 313,531 316,709 291,973
OTHER EXPENSES (INCOME):
Interest expense 58,810 53,368 58,460
Capitalized interest (31,371) (26,323) (17,770)
Interest income (20,095) (9,166) (11,093)
Nonoperating (gains) losses, net 1,047 (693) 2,739
Total other expenses 8,391 17,186 32,336
INCOME BEFORE INCOME TAXES AND
CUMULATIVE EFFECT OF ACCOUNTING
CHANGES 305,140 299,523 259,637
PROVISION FOR INCOME TAXES (NOTE 11) 122,514 120,192 105,353
INCOME BEFORE CUMULATIVE EFFECT
OF ACCOUNTING CHANGES 182,626 179,331 154,284
CUMULATIVE EFFECT OF ACCOUNTING
CHANGES (NOTE 3) --15,259
NET INCOME $182,626 $179,331 $169,543
PER SHARE AMOUNTS (NOTES 3, 8, AND 12):
Income before cumulative effect of accounting
changes $1.23 $ 1.22 $1.05
Cumulative effect of accounting changes --.10
Net income $1.23 $1.22 $1.15