Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following financial information, for the five years ended December 31, 2015, has been derived from the Company’s Consolidated Financial Statements. This information should be viewed in conjunction with the Consolidated Financial Statements and related notes thereto included elsewhere herein. This financial information includes the operations of AirTran from the May 2, 2011 acquisition date through the end of AirTran service on December 28, 2014. Any financial information presented prior to May 2, 2011, or after December 28, 2014, includes only the operations of Southwest unless otherwise indicated. The Company provides the operating data below because these statistics are commonly used in the airline industry and, therefore, allow readers to compare the Company’s performance against its results for prior periods, as well as against the performance of the Company’s peers.

Year ended December 31,
20152014201320122011
Financial Data (in millions, except per share amounts):
Operating revenues$19,820$18,605$17,699$17,088$15,658
Operating expenses15,70416,38016,42116,46514,965
Operating income4,1162,2251,278623693
Other expenses (income) net63740969(62)370
Income before taxes3,4791,8161,209685323
Provision for income taxes1,298680455264145
Net income$2,181$1,136$754$421$178
Net income per share, basic$3.30$1.65$1.06$0.56$0.23
Net income per share, diluted$3.27$1.64$1.05$0.56$0.23
Cash dividends per common share$0.2850$0.2200$0.1300$0.0345$0.0180
Total assets at period-end (1)$21,312$19,723$19,177$18,350$17,805
Long-term obligations at period-end$2,541$2,434$2,191$2,883$3,107
Stockholders’ equity at period-end$7,358$6,775$7,336$6,992$6,877
Operating Data:
Revenue passengers carried118,171,211110,496,912108,075,976109,346,509103,973,759
Enplaned passengers144,574,882135,767,188133,155,030133,978,100127,551,012
Revenue passenger miles (RPMs) (000s) (2)117,499,879108,035,133104,348,216102,874,97997,582,530
Available seat miles (ASMs) (000s) (3)140,501,409131,003,957130,344,072128,137,110120,578,736
Load factor (4)83.6%82.5%80.1%80.3%80.9%
Average length of passenger haul (miles)994978966941939
Average aircraft stage length (miles)750721703693679
Trips flown1,267,3581,255,5021,312,7851,361,5581,317,977
Seats flown (5)184,955,094179,733,055183,563,527184,208,891177,469,069
Seats per trip (6)145.94143.16139.83135.92134.65
Average passenger fare (12)$154.85$159.80$154.72$147.17$141.90
Passenger revenue yield per RPM (cents) (7)(12)15.5716.3416.0215.6415.12
Operating revenue per ASM (cents) (8)13.9814.2013.5813.3412.99
Passenger revenue per ASM (cents) (9)(12)13.0213.4812.8312.5612.24
Operating expenses per ASM (cents) (10)11.1812.5012.6012.8512.41
Operating expenses per ASM, excluding fuel (cents)8.618.468.188.077.73
Operating expenses per ASM, excluding fuel and profitsharing (cents)8.178.198.017.987.65
Fuel costs per gallon, including fuel tax$1.90$2.93$3.16$3.30$3.19
Fuel costs per gallon, including fuel tax, economic$2.07$2.92$3.12$3.28$3.19
Fuel consumed, in gallons (millions)1,9011,8011,8181,8471,764
Active fulltime equivalent Employees49,58346,27844,38145,86145,392
Aircraft at end of period (11)704665681694698
(1)Historical amounts have been restated to align with current presentation. See Note 1 to the Consolidated Financial Statements for further information.
(2)A revenue passenger mile is one paying passenger flown one mile. Also referred to as “traffic,” which is a measure of demand for a given period.
(3)An available seat mile is one seat (empty or full) flown one mile. Also referred to as “capacity,” which is a measure of the space available to carry passengers in a given period.
(4)Revenue passenger miles divided by available seat miles.
(5)Seats flown is calculated using total number of seats available by aircraft type multiplied by the total trips flown by the same aircraft type during a particular period.
(6)Seats per trip is calculated using seats flown divided by trips flown. Also referred to as “gauge.”
(7)Calculated as passenger revenue divided by revenue passenger miles. Also referred to as “yield,” this is the average cost paid by a paying passenger to fly one mile, which is a measure of revenue production and fares.
(8)Calculated as operating revenues, excluding special items, divided by available seat miles. Also referred to as "RASM" or "operating unit revenues," this is a measure of operating revenue production based on the total available seat miles flown during a particular period. Year ended 2015 RASM excludes a $172 million one-time non-cash special revenue adjustment. Additional information regarding this special item is provided in the Note Regarding Use of Non-GAAP Financial Measures and a reconciliation of revenue excluding special items related to accounting changes in the accompanying pages.
(9)Calculated as passenger revenue divided by available seat miles. Also referred to as “passenger unit revenues,” this is a measure of passenger revenue production based on the total available seat miles flown during a particular period.
(10)Calculated as operating expenses divided by available seat miles. Also referred to as “unit costs” or “cost per available seat mile,” this is the average cost to fly an aircraft seat (empty or full) one mile, which is a measure of cost efficiencies.
(11)Aircraft in the Company's fleet at end of period, less Boeing 717-200s removed from service in preparation for transition out of the fleet.
(12)Refer to Note 1 to the Consolidated Financial Statements for additional information regarding the impact from the July 2015 amended co-branded credit card agreement with Chase Bank USA, N.A.

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