Southwest Airlines (LUV) S-3ASR Automatic shelf registration

EXHIBIT 12.1

	Year Ended December 31,
	2008		2007		2006		2005		2004
Earnings
Income before income taxes and cumulative effect of accounting changes	$	278	$	1,057	$	790	$	779	$	339
Add: Fixed charges	$	299	$	273	$	275	$	270	$	220
Less: Interest capitalized	$	25	$	50	$	51	$	39	$	39
Total	$	552	$	1,280	$	1,014	$	1,010	$	520
Fixed charges
Interest expense (net)	$	105	$	69	$	77	$	82	$	49
Add: Interest capitalized	$	25	$	50	$	51	$	39	$	39
Gross interest expense	$	130	$	119	$	128	$	121	$	88
Add: Interest factor of operating lease expense	$	169	$	154	$	147	$	149	$	132
Total	$	299	$	273	$	275	$	270	$	220
Ratio of earning to fixed charges		1.85		4.69		3.68		3.74		2.36