Southwest Airlines 2012 Annual Report Download - page 51

Item 6. Selected Financial Data
The following financial information for the five years ended December 31, 2012, has been derived from
the Company’s Consolidated Financial Statements. This information should be read in conjunction with the
Consolidated Financial Statements and related notes thereto included elsewhere herein. This financial
information includes the operations of AirTran since the May 2, 2011 acquisition date, but prior to that date only
includes the operations of Southwest. The Company provides the operating data below because these statistics
are commonly used in the airline industry and, as such, allow readers to compare the Company’s performance
against its results for prior periods, as well as against the performance of the Company’s peers.
Year ended December 31,
2012 2011 2010 2009 2008
Financial Data (in millions, except per share
amounts):
Operating revenues ............................ $ 17,088 $ 15,658 $ 12,104 $ 10,350 $ 11,023
Operating expenses ............................ 16,465 14,965 11,116 10,088 10,574
Operating income .............................. 623 693 988 262 449
Other expenses (income) net ..................... (62) 370 243 98 171
Income before taxes ............................ 685 323 745 164 278
Provision for income taxes ....................... 264 145 286 65 100
Net income ................................... $ 421 $ 178 $ 459 $ 99 $ 178
Net income per share, basic ...................... $ .56 $ .23 $ .62 $ .13 $ .24
Net income per share, diluted .................... $ .56 $ .23 $ .61 $ .13 $ .24
Cash dividends per common share ................ $ .0345 $ .0180 $ .0180 $ .0180 $ .0180
Total assets at period-end ........................ $ 18,596 $ 18,068 $ 15,463 $ 14,269 $ 14,068
Long-term obligations at period-end ............... $ 2,883 $ 3,107 $ 2,875 $ 3,325 $ 3,498
Stockholders’ equity at period-end ................ $ 6,992 $ 6,877 $ 6,237 $ 5,454 $ 4,953
Operating Data:
Revenue passengers carried ...................... 109,346,509 103,973,759 88,191,322 86,310,229 88,529,234
Enplaned passengers ........................... 133,978,100 127,551,012 106,227,521 101,338,228 101,920,598
Revenue passenger miles (RPMs) (000s) (1) ......... 102,874,979 97,582,530 78,046,967 74,456,710 73,491,687
Available seat miles (ASMs) (000s) (2) ............ 128,137,110 120,578,736 98,437,092 98,001,550 103,271,343
Load factor (3) ................................ 80.3% 80.9% 79.3% 76.0% 71.2%
Average length of passenger haul (miles) ........... 941 939 885 863 830
Average aircraft stage length (miles) ............... 693 679 648 639 636
Trips flown ................................... 1,361,558 1,317,977 1,114,451 1,125,111 1,191,151
Average passenger fare ......................... $ 147.17 $ 141.90 $ 130.27 $ 114.61 $ 119.16
Passenger revenue yield per RPM (cents) (4) ........ 15.64 15.12 14.72 13.29 14.35
Operating revenue per ASM (cents) (5) ............. 13.34 12.99 12.30 10.56 10.67
Passenger revenue per ASM (cents) (6) ............. 12.56 12.24 11.67 10.09 10.21
Operating expenses per ASM (cents) (7) ............ 12.85 12.41 11.29 10.29 10.24
Operating expenses per ASM, excluding fuel (cents) . . 8.07 7.73 7.61 7.18 6.64
Operating expenses per ASM, excluding fuel and
profitsharing (cents) .......................... 7.98 7.65 7.45 7.15 6.56
Fuel costs per gallon, including fuel tax ............ $ 3.30 $ 3.19 $ 2.51 $ 2.12 $ 2.44
Fuel costs per gallon, including fuel tax, economic .... 3.28 3.19 2.39 1.97 2.32
Fuel consumed, in gallons (millions) ............... 1,847 1,764 1,437 1,428 1,511
Active fulltime equivalent Employees .............. 45,861 45,392 34,901 34,726 35,499
Aircraft in service at period-end (8) ................ 694 698 548 537 537
(1) A revenue passenger mile is one paying passenger flown one mile. Also referred to as “traffic,” which is a measure of demand for a
given period.
(2) An available seat mile is one seat (empty or full) flown one mile. Also referred to as “capacity,” which is a measure of the space
available to carry passengers in a given period.
(3) Revenue passenger miles divided by available seat miles.
(4) Calculated as passenger revenue divided by revenue passenger miles. Also referred to as “yield,” this is the average cost paid by a paying
passenger to fly one mile, which is a measure of revenue production and fares.
(5) Calculated as operating revenue divided by available seat miles. Also referred to as “operating unit revenues,” this is a measure of
operating revenue production based on the total available seat miles flown during a particular period.
(6) Calculated as passenger revenue divided by available seat miles. Also referred to as “passenger unit revenues,” this is a measure of
passenger revenue production based on the total available seat miles flown during a particular period.
(7) Calculated as operating expenses divided by available seat miles. Also referred to as “unit costs” or “cost per available seat mile,” this is
the average cost to fly an aircraft seat (empty or full) one mile, which is a measure of cost efficiencies.
(8) Includes leased aircraft and excludes aircraft that are not available for service or are in storage, held for sale, or held for return to the lessor.
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