filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The following financial information, for the five years ended December 31, 2017, 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, | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| Financial Data (in millions, except per share amounts): | ||||||||||||||||||||
| Operating revenues | $ | 21,171 | $ | 20,425 | $ | 19,820 | $ | 18,605 | $ | 17,699 | ||||||||||
| Operating expenses | 17,656 | 16,665 | 15,704 | 16,380 | 16,421 | |||||||||||||||
| Operating income | 3,515 | 3,760 | 4,116 | 2,225 | 1,278 | |||||||||||||||
| Other expenses (income) net | 264 | 213 | 637 | 409 | 69 | |||||||||||||||
| Income before taxes | 3,251 | 3,547 | 3,479 | 1,816 | 1,209 | |||||||||||||||
| Provision for income taxes | (237 | ) | 1,303 | 1,298 | 680 | 455 | ||||||||||||||
| Net income | $ | 3,488 | $ | 2,244 | $ | 2,181 | $ | 1,136 | $ | 754 | ||||||||||
| Net income per share, basic | $ | 5.80 | $ | 3.58 | $ | 3.30 | $ | 1.65 | $ | 1.06 | ||||||||||
| Net income per share, diluted | $ | 5.79 | $ | 3.55 | $ | 3.27 | $ | 1.64 | $ | 1.05 | ||||||||||
| Cash dividends per common share | $ | 0.4750 | $ | 0.3750 | $ | 0.2850 | $ | 0.2200 | $ | 0.1300 | ||||||||||
| Total assets at period-end | $ | 25,110 | $ | 23,286 | $ | 21,312 | $ | 19,723 | $ | 19,177 | ||||||||||
| Long-term obligations at period-end | $ | 3,320 | $ | 2,821 | $ | 2,541 | $ | 2,434 | $ | 2,191 | ||||||||||
| Stockholders’ equity at period-end | $ | 10,430 | $ | 8,441 | $ | 7,358 | $ | 6,775 | $ | 7,336 | ||||||||||
| Operating Data: | ||||||||||||||||||||
| Revenue passengers carried | 130,256,190 | 124,719,765 | 118,171,211 | 110,496,912 | 108,075,976 | |||||||||||||||
| Enplaned passengers | 157,677,218 | 151,740,357 | 144,574,882 | 135,767,188 | 133,155,030 | |||||||||||||||
| Revenue passenger miles (RPMs) (000s) (a) | 129,041,420 | 124,797,986 | 117,499,879 | 108,035,133 | 104,348,216 | |||||||||||||||
| Available seat miles (ASMs) (000s) (b) | 153,811,072 | 148,522,051 | 140,501,409 | 131,003,957 | 130,344,072 | |||||||||||||||
| Load factor (c) | 83.9 | % | 84.0 | % | 83.6 | % | 82.5 | % | 80.1 | % | ||||||||||
| Average length of passenger haul (miles) | 991 | 1,001 | 994 | 978 | 966 | |||||||||||||||
| Average aircraft stage length (miles) | 754 | 760 | 750 | 721 | 703 | |||||||||||||||
| Trips flown | 1,347,893 | 1,311,149 | 1,267,358 | 1,255,502 | 1,312,785 | |||||||||||||||
| Seats flown (d) | 200,878,967 | 193,167,695 | 184,955,094 | 179,733,055 | 183,563,527 | |||||||||||||||
| Seats per trip (e) | 149.03 | 147.33 | 145.94 | 143.16 | 139.83 | |||||||||||||||
| Average passenger fare (j) | $ | 146.95 | $ | 149.09 | $ | 154.85 | $ | 159.80 | $ | 154.72 | ||||||||||
| Passenger revenue yield per RPM (cents) (f)(j) | 14.83 | 14.90 | 15.57 | 16.34 | 16.02 | |||||||||||||||
| Operating revenue per ASM (cents) (g) | 13.76 | 13.75 | 13.98 | 14.20 | 13.58 | |||||||||||||||
| Passenger revenue per ASM (cents) (h)(j) | 12.44 | 12.52 | 13.02 | 13.48 | 12.83 | |||||||||||||||
| Operating expenses per ASM (cents) (i) | 11.48 | 11.22 | 11.18 | 12.50 | 12.60 | |||||||||||||||
| Operating expenses per ASM, excluding fuel (cents) | 8.92 | 8.76 | 8.60 | 8.46 | 8.18 | |||||||||||||||
| Operating expenses per ASM, excluding fuel and profitsharing (cents) | 8.56 | 8.37 | 8.16 | 8.19 | 8.01 | |||||||||||||||
| Fuel costs per gallon, including fuel tax | $ | 1.92 | $ | 1.82 | $ | 1.90 | $ | 2.93 | $ | 3.16 | ||||||||||
| Fuel costs per gallon, including fuel tax, economic | $ | 2.00 | $ | 1.92 | $ | 2.07 | $ | 2.92 | $ | 3.12 | ||||||||||
| Fuel consumed, in gallons (millions) | 2,045 | 1,996 | 1,901 | 1,801 | 1,818 | |||||||||||||||
| Active fulltime equivalent Employees | 56,110 | 53,536 | 49,583 | 46,278 | 44,381 | |||||||||||||||
| Aircraft at end of period | 706 | 723 | 704 | 665 | 681 |
| (a) | 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. |
| (b) | 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. |
| (c) | Revenue passenger miles divided by available seat miles. |
| (d) | 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. |
| (e) | Seats per trip is calculated using seats flown divided by trips flown. Also referred to as "gauge." |
| (f) | 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. |
| (g) | 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. |
| (h) | 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. |
| (i) | 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. |
| (j) | 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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