Exhibit 12.1
SOUTHWEST AIRLINES CO.
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income before income taxes and cumulative effect of accounting changes | $3,251 | $3,547 | $3,479 | $1,816 | $1,210 | |||||||||||||||
Add: Fixed charges | $397 | $407 | $401 | $410 | $406 | |||||||||||||||
Deduct: Interest capitalized | ($49 | ) | ($47 | ) | ($31 | ) | ($23 | ) | ($24 | ) | ||||||||||
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Total | $3,599 | $3,907 | $3,849 | $2,203 | $1,592 | |||||||||||||||
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Fixed charges | ||||||||||||||||||||
Interest expense (net) | $65 | $75 | $90 | $107 | $107 | |||||||||||||||
Add: Interest capitalized | $49 | $47 | $31 | $23 | $24 | |||||||||||||||
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Gross interest expense | $114 | $122 | $121 | $130 | $131 | |||||||||||||||
Add: Interest factor of operating lease expense | $283 | $284 | $280 | $280 | $275 | |||||||||||||||
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Total | $397 | $406 | $401 | $410 | $406 | |||||||||||||||
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Ratio of earnings to fixed charges | 9.07 | 9.62 | 9.60 | 5.37 | 3.92 | |||||||||||||||
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