Exhibit 12
SOUTHWEST AIRLINES CO.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS, EXCEPT RATIOS)
Six Months
Ended June 30, Year Ended December 31,
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2001 2000 2000 1999 1998 1997 1996
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Earnings
Income before income taxes and
cumulative effect of accounting
changes $ 483.9 $ 466.8 $ 1,017.4 $ 773.6 $ 705.1 $ 517.0 $ 341.4
Add: Fixed charges 99.1 99.4 199.2 185.3 190.0 198.5 184.1
Less: Interest capitalized 11.8 13.9 27.6 31.2 25.6 19.8 22.3
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Total $ 571.2 $ 552.3 $ 1,189.0 $ 927.7 $ 869.5 $ 695.7 $ 503.2
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Fixed charges
Interest expense $ 21.6 $ 20.8 $ 42.3 $ 22.9 $ 30.7 $ 43.7 $ 37.0
Add: Interest capitalized 11.8 13.9 27.6 31.2 25.6 19.8 22.3
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Gross interest expense 33.4 34.7 69.9 54.1 56.3 63.5 59.3
Add: Interest factor of operating
lease expense 65.6 64.7 129.3 131.2 133.7 135.0 124.8
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Total $ 99.0 $ 99.4 $ 199.2 $ 185.3 $ 190.0 $ 198.5 $ 184.1
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Ratio of earnings to fixed charges 5.77 5.56 5.97 5.01 4.58 3.50 2.73
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