1
                                                                      Exhibit 12



                             SOUTHWEST AIRLINES CO.
               CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                ($ in millions)





                                                             Year Ended December 31,                                           
                                                 --------------------------------------------------

                                                  1996       1995       1994       1993       1992            
                                                 ------     ------     ------     ------     ------          
                                                                                              
                                                                                                
Earnings                                                                                                          
    Income before income taxes and                                                                                
       cumulative effect of accounting                                                                            
       changes                                   $341.4     $305.1     $299.5     $259.6     $157.4          
    Add:  Fixed charges                           184.1      169.1      141.6      132.1      113.8          
    Less: Interest capitalized                     22.3       31.4       26.3       17.8       15.4         
                                                 ------     ------     ------     ------     ------          
       Total                                     $503.2     $442.8     $414.8     $373.9     $255.8          
                                                 ======     ======     ======     ======     ======          
                                                                                                                  
Fixed charges                                                                                                     
    Interest expense                              $37.0      $27.4      $27.1      $40.7     $ 43.7          
    Add: Interest capitalized                      22.3       31.4       26.3       17.8       15.4           
                                                 ------     ------     ------     ------     ------           
    Gross interest expense                         59.3       58.8       53.4       58.5       59.1           
    Add: Interest factor of operating                                                                              
       lease expense                              124.8      110.3       88.2       73.6       54.7           
                                                 ------     ------     ------     ------     ------           
       Total                                     $184.1     $169.1     $141.6     $132.1     $113.8           
                                                 ======     ======     ======    =======     ======          
                                                                                                                  
Ratio of earnings to fixed charges                 2.73       2.62       2.93       2.83       2.25           
                                                 ======     ======     ======     ======     ======