EXHIBIT (11.1)
Page 1 of 4
Southwest Airlines Co.
Computation of Earnings Per Share
For the Three Months Ended September 30, 1997
Fully
Primary Diluted
Weighted average shares outstanding 146,107,201 146,107,201
Shares issuable upon exercise of
outstanding stock options
(treasury stock method) 8,325,526 9,889,530
Weighted average common and common
equivalent shares 154,432,727 155,996,731
Earnings for per share computations $92,511,000 $92,511,000
Earnings per common and common
equivalent share $0.60 $0.59
EXHIBIT (11.1)
Page 2 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 3 of 4
Southwest Airlines Co.
Computation of Earnings Per Share
For the Nine Months Ended September 30, 1997
Fully
Primary Diluted
Weighted average shares outstanding 145,674,106 145,674,106
Shares issuable upon exercise of
outstanding stock options
(treasury stock method) 6,732,990 10,034,325
Weighted average common and common
equivalent shares 152,407,096 155,708,431
Earnings for per share computations $237,217,000 $237,217,000
Earnings per common and common
equivalent share $1.56 $1.52
EXHIBIT (11.1)
Page 4 of 4
Southwest Airlines Co.
Computation of Earnings Per Share
For the Nine Months Ended September 30, 1996
Fully
Primary Diluted
Weighted average shares outstanding 144,650,014 144,650,014
Shares issuable upon exercise of
outstanding stock options
(treasury stock method) 7,645,456 7,994,033
Weighted average common and common
equivalent shares 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