Westjet 2009 Annual Report Download - page 77

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WestJet 2009 Annual Report 47
CONSOLIDATED STATEMENT
OF EARNINGS
For the years ended December 31
(Stated in thousands of Canadian dollars, except per share amounts)
2009 2008
Restated – see note 2
Revenues:
Guest revenues $ 2,067,860 $ 2,301,301
Charter and other revenues 213,260 248,205
2,281,120 2,549,506
Expenses:
Aircraft fuel 570,569 803,293
Airport operations 352,333 342,922
Flight operations and navigational charges 298,762 280,920
Marketing, general and administration 208,316 211,979
Sales and distribution 172,326 170,693
Depreciation and amortization 141,303 136,485
Infl ight 112,054 105,849
Aircraft leasing 103,954 86,050
Maintenance 96,272 85,093
Employee profi t share 14,675 33,435
2,070,564 2,256,719
Earnings from operations 210,556 292,787
Non-operating income (expense):
Interest income 5,601 25,485
Interest expense (67,706) (76,078)
Gain (loss) on foreign exchange (12,306) 30,587
Loss on disposal of property and equipment (1,177) (701)
Gain (loss) on derivatives (note 13(b)) 1,828 (17,331)
(73,760) (38,038)
Earnings before income taxes 136,796 254,749
Income tax expense: (note 9)
Current 2,690 2,549
Future 35,928 73,694
38,618 76,243
Net earnings $ 98,178 $ 178,506
Earnings per share: (note 10(c))
Basic $ 0.74 $ 1.39
Diluted $ 0.74 $ 1.37
The accompanying notes are an integral part of the consolidated fi nancial statements.