Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 13, 1996

Documents

Published on November 13, 1996




EXHIBIT (11.1)
Page 1 of 4

Southwest Airlines Co.
Computation of Earnings Per Share
For the Three Months Ended September 30, 1996



Fully
Primary Diluted

Weighted average shares outstanding 144,928,794 144,928,794

Shares issuable upon exercise of
outstanding stock options
(treasury stock method) 5,879,425 5,878,891

Weighted average common and common
equivalent shares 150,808,219 150,807,685


Earnings for per share computations $60,858,000 $60,858,000

Earnings per common and common
equivalent share $0.40 $0.40




EXHIBIT (11.1)
Page 2 of 4


Southwest Airlines Co.
Computation of Earnings Per Share
For the Three Months Ended September 30, 1995



Fully
Primary Diluted

Weighted average shares outstanding 143,791,540 143,791,540

Shares issuable upon exercise of
outstanding stock options
(treasury stock method) 7,855,352 7,856,359

Weighted average common and common
equivalent shares 151,646,892 151,647,899


Earnings for per share computations $67,717,000 $67,717,000

Earnings per common and common
equivalent share $0.45 $0.45



EXHIBIT (11.1)
Page 3 of 4


Southwest Airlines Co.
Computation of Earnings Per Share
For the Nine Months Ended September 30, 1996




Fully
Primary Diluted

Equivalent shares outstanding at March 31, 1996 152,402,780 153,449,020

Equivalent shares outstanding at June 30, 1996 153,675,411 153,675,437

Equivalent shares outstanding at September 30, 1996 150,808,219 150,807,685

456,886,410 457,932,142

Average number of equivalent shares outstanding 152,295,470 152,644,047


Earnings for per share computations $179,177,000 $179,177,000

Earnings per common and common equivalent share $1.18 $1.17




EXHIBIT (11.1)
Page 4 of 4


Southwest Airlines Co.
Computation of Earnings Per Share
For the Nine Months Ended September 30, 1995




Fully
Primary Diluted

Equivalent shares outstanding at March 31, 1995 146,532,231 146,532,231

Equivalent shares outstanding at June 30, 1995 147,347,541 147,466,666

Equivalent shares outstanding at September 30, 1995 151,646,892 151,647,899

445,526,664 445,646,796

Average number of equivalent shares outstanding 148,508,888 148,548,932

Earnings for per share computations $139,267,000 $139,267,000

Earnings per common and common equivalent share $0.94 $0.94