EXHIBIT 12
SOUTHWEST AIRLINES CO.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS, EXCEPT RATIOS)
Nine Months
Ended September 30, Year Ended December 31,
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2002 2001 2001 2000 1999 1998 1997
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Earnings
Income before income taxes and
cumulative effect of accounting
changes $ 328.7 $ 729.8 $ 827.7 $ 1,017.4 $ 773.6 $ 705.1 $ 517.0
Add: Fixed charges 187.4 149.0 205.0 199.2 185.3 190.0 198.5
Less: Interest capitalized 12.8 17.9 20.6 27.6 31.2 25.6 19.8
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Total $ 503.3 $ 860.9 $ 1,012.1 $ 1,189.0 $ 927.7 $ 869.5 $ 695.7
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Fixed charges
Interest expense $ 66.8 $ 29.8 $ 49.2 $ 42.3 $ 22.9 $ 30.7 $ 43.7
Add: Interest capitalized 12.8 17.9 20.6 27.6 31.2 25.6 19.8
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Gross interest expense 79.6 47.7 69.8 69.9 54.1 56.3 63.5
Add: Interest factor of operating
lease expense 107.8 101.3 135.2 129.3 131.2 133.7 135.0
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Total $ 187.4 $ 149.0 $ 205.0 $ 199.2 $ 185.3 $ 190.0 $ 198.5
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Ratio of earnings to fixed charges 2.69 5.78 4.94 5.97 5.01 4.58 3.50
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