Southwest Airlines 2010 Annual Report Download - page 98
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12. Net Income Per Share
The following table sets forth the computation of net income per share, basic and diluted:
(In millions, except per share amounts) 2010 2009 2008
Net income ............................................ $459 $ 99 $178
Weighted-average shares outstanding, basic ................... 746 741 735
Dilutive effect of Employee stock options .................... 1 — 4
Adjusted weighted-average shares outstanding, diluted .......... 747 741 739
Net income per share, basic ................................ $.62 $.13 $.24
Net income per share, diluted .............................. $.61 $.13 $.24
The Company has excluded 62 million, 79 million, and 82 million shares from its calculations of net income
per share, diluted, in 2010, 2009, and 2008, respectively, as they represent antidilutive stock options for the
respective periods presented.
13. Comprehensive Income (Loss)
Comprehensive income (loss) includes changes in the fair value of certain financial derivative instruments,
which qualify for hedge accounting, unrealized gains and losses on certain investments, and adjustments to
recognize the funded status of the Company’s postretirement obligations. See Note 16 for further information on
Employee retirement plans. The differences between Net income and Comprehensive income (loss) for these
years are as follows:
(In millions) 2010 2009 2008
Net income ............................................................. $459 $ 99 $ 178
Unrealized gain (loss) on fuel derivative instruments, net of deferred taxes of $205,
$226 and ($1,358) .................................................. 330 366 (2,166)
Unrealized gain/(loss) on interest rate rate swaps, net of deferred taxes of ($9), $17
and ($29) ......................................................... (15) 27 (46)
Other, net of deferred taxes of $1, $8 and ($8) .............................. 1 13 (13)
Total other comprehensive income (loss) ...................................... 316 406 (2,225)
Comprehensive income (loss) .............................................. $775 $505 $(2,047)
A rollforward of the amounts included in Accumulated other comprehensive income (loss), net of taxes for
2010, 2009, and 2008, is shown below:
(In millions)
Fuel hedge
derivatives
Interest
rate
derivatives Other
Accumulated
other
comprehensive
income (loss)
Balance at December 31, 2008 ............................. $(946) $ (46) $ 8 $(984)
2009 changes in fair value ............................ (12) 27 13 28
Reclassification to earnings ........................... 378 — — 378
Balance at December 31, 2009 ............................. $(580) $ (19) $ 21 $(578)
2010 changes in fair value ............................ 47 (15) 1 33
Reclassification to earnings ........................... 283 — — 283
Balance at December 31, 2010 ............................. $(250) $ (34) $ 22 $(262)
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