Southwest Airlines (LUV) 8-K Other Events

Exhibit 12.1

	Nine months ended,
	September 30,				Year Ended December 31,
	2014		2013		2013		2012		2011		2010		2009
Earnings
Income before income taxes and cumulative effect of accounting changes	$	1,515	$	876	$	1,210	$	685	$	323	$	745	$	164
Add: Fixed charges	$	316	$	310	$	406	$	444	$	469	$	363	$	375
Less: Interest capitalized	$	18	$	17	$	24	$	21	$	12	$	19	$	21
Total	$	1,813	$	1,168	$	1,592	$	1,109	$	780	$	1,089	$	518
Fixed charges
Interest expense (net)	$	80	$	80	$	107	$	126	$	182	$	148	$	165
Add: Interest capitalized	$	18	$	17	$	24	$	21	$	12	$	19	$	21
Gross interest expense	$	98	$	97	$	131	$	147	$	194	$	167	$	186
Add: Interest factor of operating lease expense	$	218	$	213	$	275	$	298	$	275	$	197	$	189
Total	$	316	$	310	$	406	$	444	$	469	$	364	$	375
Ratio of earnings to fixed charges		5.74		3.77		3.92		2.49		1.66		2.99		1.38