EXHIBIT 11
Page 1 of 3
Southwest Airlines Co.
Computation of Earnings Per Share
For the Year Ended December 31, 1995
Fully
Primary Diluted
------------ ------------
Weighted average shares outstanding 143,678,223 143,678,223
Shares issuable upon exercise of outstanding
stock options (treasury stock method) 5,172,289 5,202,614
------------ ------------
Weighted average common and common
equivalent shares 148,850,512 148,880,837
============ ============
Earnings for per share computations $182,626,000 $182,626,000
============ ============
Earnings per common and common equivalent $1.23 $1.23
share
============ ============
EXHIBIT 11
Page 2 of 3
Southwest Airlines Co.
Computation of Earnings Per Share
For the Year Ended December 31, 1994
Fully
Primary Diluted
------------ ------------
Weighted average shares outstanding 143,046,509 143,046,509
Shares issuable upon exercise of outstanding
stock options (treasury stock method) 4,258,865 4,259,233
------------ ------------
Weighted average common and common
equivalent shares 147,305,374 147,305,742
============ ============
Earnings for per share computations $179,331,000 $179,331,000
============ ============
Earnings per common and common equivalent share $1.22 $1.22
============ ============
EXHIBIT 11
Page 3 of 3
Southwest Airlines Co.
Computation of Earnings Per Share
For the Year Ended December 31, 1993
Fully
Primary Diluted
------------ ------------
Weighted average shares outstanding 142,622,160 142,622,160
Shares issuable upon exercise of outstanding
stock options (treasury stock method) 4,522,408 4,676,476
------------ ------------
Weighted average common and common
equivalent shares 147,144,568 147,298,636
============ ============
Earnings for per share computation before
cumulative effect of accounting changes $154,284,000 $154,284,000
Cumulative effect of accounting change 15,259,000 15,259,000
------------ ------------
Earnings for per share computation after
cumulative effect of accounting changes $169,543,000 $169,543,000
============ ============
Earnings per common and common equivalent
share before cumulative effect of accounting
change $1.05 $1.05
============ ============
Earnings per common and common equivalent
share after cumulative effect of accounting
change $1.15 $1.15
============ ============
Note: The share and per share amounts have been adjusted to reflect the
three-for-two stock split distributed July 15, 1993.