Southwest Airlines 2000 Annual Report Download - page 27

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SOUTHWEST AIRLINES CO.
CONSOLIDATED STATEMENT OF INCOME
YEARS ENDED DECEMBER 31,
(In thousands except per share amounts)2000 1999 1998
OPERATING REVENUES:
Passenger $5,467,965 $4,562,616 $4,010,029
Freight 110,742 102,990 98,500
Other 70,853 69,981 55,451
Total operating revenues 5,649,560 4,735,587 4,163,980
OPERATING EXPENSES:
Salaries, wages, and benefits (Note 10) 1,683,689 1,455,237 1,285,942
Fuel and oil 804,426 492,415 388,348
Maintenance materials and repairs 378,470 367,606 302,431
Agency commissions 159,309 156,419 157,766
Aircraft rentals 196,328 199,740 202,160
Landing fees and other rentals 265,106 242,002 214,907
Depreciation (Note 2) 281,276 248,660 225,212
Other operating expenses 859,811 791,932 703,603
Total operating expenses 4,628,415 3,954,011 3,480,369
OPERATING INCOME 1,021,145 781,576 683,611
OTHER EXPENSES (INCOME):
Interest expense 69,889 54,145 56,276
Capitalized interest (27,551) (31,262) (25,588)
Interest income (40,072) (25,200) (31,083)
Other (gains) losses, net 1,515 10,282 (21,106)
Total other expenses (income) 3,781 7,965 (21,501)
INCOME BEFORE TAXES AND CUMULATIVE EFFECT OF
CHANGE IN ACCOUNTING PRINCIPLE 1,017,364 773,611 705,112
PROVISION FOR INCOME TAXES (NOTE 11) 392,140 299,233 271,681
INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE 625,224 474,378 433,431
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE, NET OF INCOME TAXES (NOTE 2) (22,131) - -
NET INCOME $ 603,093 $ 474,378 $ 433,431
NET INCOME PER SHARE, BASIC BEFORE CUMULATIVE
EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE $1.25 $.94 $.87
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE (.04) - -
NET INCOME PER SHARE, BASIC (NOTES 8, 9, AND 12) $1.21 $.94 $.87
NET INCOME PER SHARE, DILUTED BEFORE
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE $1.18 $.89 $.82
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING
PRINCIPLE (.04) - -
NET INCOME PER SHARE, DILUTED (NOTES 8, 9, AND 12) $1.14 $.89 $.82
See accompanying notes.
F9