Exhibit 12
SOUTHWEST AIRLINES CO.
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in millions)
Year Ended December 31,
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1994 1993 1992 1991 1990
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Earnings
Income before income taxes
and cumulative effect of
accounting changes $299.5 $259.6 $157.4 $ 53.9 $ 80.4
Add: Fixed charges 119.7 114.3 101.0 75.1 50.6
Less: Interest capitalized 26.3 17.8 15.4 15.3 13.7
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Total $392.9 $356.1 $243.0 $113.7 $117.3
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Fixed charges
Interest expense $ 27.1 $ 40.7 $ 43.7 $ 28.8 $ 18.3
Add: Interest capitalized 26.3 17.8 15.4 15.3 13.7
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Gross interest expense 53.4 58.5 59.1 44.1 32.0
Add: Interest factor of
operating lease expense 66.3 55.8 41.9 31.0 18.6
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Total $119.7 $114.3 $101.0 $ 75.1 $ 50.6
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Ratio of earnings to fixed charges 3.28 3.12 2.41 1.51 2.32
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