Southwest Airlines 2015 Annual Report Download - page 47

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Issuer Repurchases
Issuer Purchases of Equity Securities (1)
(a) (b) (c) (d)
Period
Total number
of shares
purchased
Average
price paid
per share
Total number of
shares purchased
as part of publicly
announced plans or
programs
Maximum dollar
value of shares that
may yet be purchased
under the plans or
programs
October 1, 2015 through
October 31, 2015 — $ — — $ 700,000,000
November 1, 2015 through
November 30, 2015 3,213,009 $ — (2) 3,213,009 $ 700,000,000
December 1, 2015 through
December 31, 2015 — $ — — $ 700,000,000
Total 3,213,009 3,213,009
(1) In May 2015, the Company’s Board of Directors authorized the repurchase of up to $1.5 billion of the
Company’s common stock. Repurchases are made in accordance with applicable securities laws in open
market, private, or in accelerated repurchase transactions from time to time, depending on market
conditions, and may be discontinued at any time.
(2) Under an accelerated share repurchase program entered into by the Company with a third party financial
institution in third quarter 2015 (“Third Quarter ASR Program”), the Company paid $500 million and
received an initial delivery of 9,679,195 shares during third quarter 2015, representing an estimated 75
percent of the shares to be purchased by the Company under the Third Quarter ASR Program based on a
volume-weighted average price of $38.74 per share of the Company’s common stock on the New York
Stock Exchange during a calculation period between August 3, 2015 and August 20, 2015. Final
settlement of this Third Quarter ASR Program occurred in November 2015 and was determined based
generally on a discount to the volume-weighted average price per share of the Company’s common stock
during a calculation period completed in October 2015. Upon settlement, the third party financial
institution delivered 3,213,009 additional shares of the Company’s common stock to the Company. In
total, the average purchase price per share for the 12,892,204 shares repurchased under the Third Quarter
ASR Program, upon completion of the Third Quarter ASR Program in November 2015, was $38.78.
Item 6. Selected Financial Data
The following financial information, for the five years ended December 31, 2015, has been derived
from the Company’s Consolidated Financial Statements. This information should be viewed in
conjunction with the Consolidated Financial Statements and related notes thereto included elsewhere
herein. This financial information includes the operations of AirTran from the May 2, 2011 acquisition
date through the end of AirTran service on December 28, 2014. Any financial information presented
prior to May 2, 2011, or after December 28, 2014, includes only the operations of Southwest unless
otherwise indicated. The Company provides the operating data below because these statistics are
commonly used in the airline industry and, therefore, 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.
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