Westjet 2008 Annual Report Download - page 60

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consolidated
statement of earnings
For the years ended December 31
(Stated in thousands of Canadian dollars, except per share amounts)
2008 2007
Revenues:
Guest revenues $ 2,301,301 $ 1,899,159
Charter and other revenues 248,205 227,997
2,549,506 2,127,156
Expenses:
Aircraft fuel 803,293 503,931
Airport operations 342,922 299,004
Flight operations and navigational charges 280,920 258,571
Marketing, general and administration 211,979 177,393
Sales and distribution 170,605 146,194
Depreciation and amortization 136,485 127,223
Infl ight 105,849 85,499
Aircraft leasing 86,050 75,201
Maintenance 85,093 74,653
Employee profi t share 33,435 46,705
Loss on impairment of property and equipment (note 5) — 31,881
2,256,631 1,826,255
Earnings from operations 292,875 300,901
Non-operating income (expense):
Interest income 25,485 24,301
Interest expense (76,078) (75,749)
Gain (loss) on foreign exchange 30,587 (12,750)
Gain (loss) on disposal of property and equipment (701) 54
Loss on derivatives (note 11) (17,331) —
(38,038) (64,144)
Earnings before income taxes 254,837 236,757
Income tax expense: (note 7)
Current 2,549 2,149
Future 74,153 41,775
76,702 43,924
Net earnings $ 178,135 $ 192,833
Earnings per share: (note 8(c))
Basic $ 1.38 $ 1.49
Diluted $ 1.37 $ 1.47
The accompanying notes are an integral part of the consolidated fi nancial statements.
56 WestJet 2008 Annual Report