Southwest Airlines 2002 Annual Report Download - page 49

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30 | SOUTHWEST AIRLINES CO. 2002 10-K
SOUTHWEST AIRLINES CO.
CONSOLIDATED STATEMENT OF INCOME
YEARS ENDED DECEMBER 31,
(In thousands, except per share amounts) 2002 2001 2000
OPERATING REVENUES:
Passenger $ 5,341,349 $ 5,378,702 $ 5,467,965
Freight 84,675 91,270 110,742
Other 95,747 85,202 70,853
Total operating revenues 5,521,771 5,555,174 5,649,560
O
PERATIN
G
EXPEN
S
E
S
:
Salaries, wages, and benefits 1,992,485 1,856,288 1,683,689
Fuel and oil 762,096 770,515 804,426
Maintenance materials and repairs 390,216 397,505 378,470
Agency commissions 54,669 103,014 159,309
Aircraft rentals 186,992 192,110 196,328
Landing fees and other rentals 344,660 311,017 265,106
Depreciation 356,304 317,831 281,276
Other operating expenses 1,017,011 975,772 859,811
Total operating expenses 5,104,433 4,924,052 4,628,415
OPERATING INCOME 417,338 631,122 1,021,145
OTHER EXPENSES (INCOME):
Interest expense 106,023 69,827 69,889
Capitalized interest (16,720) (20,576) (27,551)
Interest income (36,964) (42,562) (40,072)
Other (gains) losses, net (27,683) (203,226) 1,515
Total other expenses (income) 24,656 (196,537) 3,781
INCOME BEFORE TAXES AND CUMULATIVE EFFECT OF CHANGE
IN ACCOUNTING PRINCIPLE 392,682 827,659 1,017,364
PROVISION FOR INCOME TAXES 151,713 316,512 392,140
INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN
ACCOUNTING PRINCIPLE 240,969 511,147 625,224
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE,
NET OF INCOME TAXES -- (22,131)
NET INCOME $ 240,969 $ 511,147 $ 603, 093
NET INCOME PER SHARE, BASIC BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING PRINCIPLE $ .31 $ .67 $ .84
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -- (.03)
NET INCOME PER SHARE, BASIC $ .31 $ .67 $ .81
NET INCOME PER SHARE, DILUTED BEFORE CUMULATIVE
EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE $ .30 $ .63 $ .79
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -- (.03)
NET INCOME PER SHARE, DILUTED $ .30 $ .63 $ .76
See accompanying notes.