EXHIBIT (11.1)
Page 1 of 2
Southwest Airlines Co.
Computation of Earnings Per Share
For the Three Months Ended March 31, 1997
Fully
Primary Diluted
Weighted average shares outstanding 145,313,882 145,313,882
Shares issuable upon exercise of outstanding
stock options (treasury stock method) 5,134,063 5,135,309
Weighted average common and common
equivalent shares 150,447,945 150,449,191
Earnings for per share computations $50,874,000 $50,874,000
Earnings per common and common equivalent share $0.34 $0.34
EXHIBIT (11.1)
Page 2 of 2
Southwest Airlines Co.
Computation of Earnings Per Share
For the Three Months Ended March 31, 1996
Fully
Primary Diluted
Weighted average shares outstanding 144,315,573 144,315,573
Shares issuable upon exercise of outstanding
stock options (treasury stock method) 8,087,207 9,133,447
Weighted average common and common
equivalent shares 152,402,780 153,449,020
Earnings for per share computations $33,000,000 $33,000,000
Earnings per commons and common equivalent share $0.22 $0.22