Southwest Airlines (LUV) 8-K Other Events

Exhibit 12.1

	Nine Months Ended September 30,						Year Ended December 31,
	2017			2016			2016			2015			2014			2013			2012
	(in millions, except ratios)
Earnings:
Income before income taxes and cumulative effect of accounting changes	$	2,513		$	2,738		$	3,547		$	3,479		$	1,816		$	1,210		$	685
Add: Fixed charges		298			310			407			401			410			406			444
Less: Interest capitalized		(38	)		(34	)		(47	)		(31	)		(23	)		(24	)		(21	)
Total	$	2,773		$	3,014		$	3,907		$	3,849		$	2,203		$	1,592		$	1,109
Fixed charges:
Interest expense, net	$	46		$	59		$	75		$	90		$	107		$	107		$	126
Add: Interest capitalized		38			34			47			31			23			24			21
Gross interest expense	$	84		$	93		$	122		$	121		$	130		$	131		$	147
Add: Interest factor of operating lease expense		214			217			284			280			280			275			298
Total	$	298		$	310		$	406		$	401		$	410		$	406		$	444
Ratio of earnings to fixed charges		9.31			9.72			9.62			9.60			5.37			3.92			2.49