Southwest Airlines (LUV) 8-K Entry into a Material Definitive Agreement

													Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
	Nine Months Ended
	September 30,				Year Ended December 31,
	2006		2005		2005		2004		2003		2002		2001
Earnings
Income before income taxes and
cumulative effect of accounting
changes	$	690	$	666	$	779	$	339	$	604	$	316	$	736
Add: Fixed charges	$	211	$	200	$	270	$	220	$	231	$	250	$	205
Less: Interest capitalized	$	38	$	28	$	39	$	39	$	33	$	17	$	21
Total	$	863	$	838	$	1,010	$	520	$	802	$	549	$	920
Fixed charges
Interest expense (net)	$	62	$	61	$	82	$	49	$	57	$	89	$	49
Add: Interest capitalized	$	38	$	28	$	39	$	39	$	33	$	17	$	21
Gross interest expense	$	100	$	89	$	121	$	88	$	90	$	106	$	70
Add: Interest factor of operating
lease expense	$	111	$	111	$	149	$	132	$	141	$	144	$	135
Total	$	211	$	200	$	270	$	220	$	231	$	250	$	205
Ratio of earnings to fixed charges		4.09		4.19		3.74		2.36		3.47		2.20		4.49