Southwest Airlines (LUV) 8-K Other Events

Exhibit 12.1

	Nine Months Ended September 30,						Year Ended December 31,
	2016			2015			2015			2014			2013			2012			2011
	(in millions, except ratios)
Earnings:
Income before income taxes and cumulative effect of accounting changes	$	2,738		$	2,632		$	3,479		$	1,816		$	1,210		$	685		$	323
Add: Fixed charges		310			305			401			410			406			444			469
Less: Interest capitalized		(34	)		(23	)		(31	)		(23	)		(24	)		(21	)		(12	)
Total	$	3,014		$	2,914		$	3,849		$	2,203		$	1,592		$	1,109		$	780
Fixed charges:
Interest expense, net	$	59		$	69		$	90		$	107		$	107		$	126		$	182
Add: Interest capitalized		34			23			31			23			24			21			12
Gross interest expense	$	93		$	92		$	121		$	130		$	131		$	147		$	194
Add: Interest factor of operating lease expense		217			213			280			280			275			298			275
Total	$	310		$	305		$	401		$	410		$	406		$	444		$	469
Ratio of earnings to fixed charges		9.72			9.55			9.60			5.37			3.92			2.49			1.66