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, 2016, 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. 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,
20162015201420132012
Financial Data (in millions, except per share amounts):
Operating revenues$20,425$19,820$18,605$17,699$17,088
Operating expenses16,66515,70416,38016,42116,465
Operating income3,7604,1162,2251,278623
Other expenses (income) net21363740969(62)
Income before taxes3,5473,4791,8161,209685
Provision for income taxes1,3031,298680455264
Net income$2,244$2,181$1,136$754$421
Net income per share, basic$3.58$3.30$1.65$1.06$0.56
Net income per share, diluted$3.55$3.27$1.64$1.05$0.56
Cash dividends per common share$0.3750$0.2850$0.2200$0.1300$0.0345
Total assets at period-end (1)$23,286$21,312$19,723$19,177$18,350
Long-term obligations at period-end$2,821$2,541$2,434$2,191$2,883
Stockholders’ equity at period-end$8,441$7,358$6,775$7,336$6,992
Operating Data:
Revenue passengers carried124,719,765118,171,211110,496,912108,075,976109,346,509
Enplaned passengers151,740,357144,574,882135,767,188133,155,030133,978,100
Revenue passenger miles (RPMs) (000s) (2)124,797,986117,499,879108,035,133104,348,216102,874,979
Available seat miles (ASMs) (000s) (3)148,522,051140,501,409131,003,957130,344,072128,137,110
Load factor (4)84.0%83.6%82.5%80.1%80.3%
Average length of passenger haul (miles)1,001994978966941
Average aircraft stage length (miles)760750721703693
Trips flown1,311,1491,267,3581,255,5021,312,7851,361,558
Seats flown (5)193,167,695184,955,094179,733,055183,563,527184,208,891
Seats per trip (6)147.33145.94143.16139.83135.92
Average passenger fare (11)$149.09$154.85$159.80$154.72$147.17
Passenger revenue yield per RPM (cents) (7)(11)14.9015.5716.3416.0215.64
Operating revenue per ASM (cents) (8)13.7513.9814.2013.5813.34
Passenger revenue per ASM (cents) (9)(11)12.5213.0213.4812.8312.56
Operating expenses per ASM (cents) (10)11.2211.1812.5012.6012.85
Operating expenses per ASM, excluding fuel (cents)8.768.608.468.188.07
Operating expenses per ASM, excluding fuel and profitsharing (cents)8.378.168.198.017.98
Fuel costs per gallon, including fuel tax$1.82$1.90$2.93$3.16$3.30
Fuel costs per gallon, including fuel tax, economic$1.92$2.07$2.92$3.12$3.28
Fuel consumed, in gallons (millions)1,9961,9011,8011,8181,847
Active fulltime equivalent Employees53,53649,58346,27844,38145,861
Aircraft at end of period723704665681694
(1)Historical amounts have been restated to align with current presentation.
(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 divided by available seat miles. Also referred to as "operating unit revenues" or "RASM," 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 special revenue adjustment. Including the special revenue adjustment, RASM would have been 14.11 cents for the year ended 2015. 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)Refer to Note 1 to the Consolidated Financial Statements for additional information regarding the impact from the Company's July 2015 amended co-branded credit card agreement with Chase Bank USA, N.A.

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