EXHIBIT 11
Southwest Airlines Co.
Computation of Earnings Per Share
For the Year Ended December 31, 1996
Fully
Primary Diluted
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Weighted average shares outstanding 144,745,071 144,745,071
Shares issuable upon exercise of outstanding
stock options (treasury stock method) 7,048,406 7,054,306
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Weighted average common and common
equivalent shares 151,793,477 151,799,377
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Earnings for per share computations $207,337,000 $207,337,000
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Earnings per common and common equivalent share $1.37 $1.37
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Exhibit 11
Page 2 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
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Earnings per common and common equivalent share $ 1.23 $ 1.23
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Exhibit 11
Page 3 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
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Earnings per common and common equivalent share $ 1.22 $ 1.22
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