Form 8-K Earnings Release 1Q13

0001498710-13-000064.txt : 20130430 0001498710-13-000064.hdr.sgml : 20130430 20130430070107 ACCESSION NUMBER: 0001498710-13-000064 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20130429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130430 DATE AS OF CHANGE: 20130430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Spirit Airlines, Inc. CENTRAL INDEX KEY: 0001498710 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, SCHEDULED [4512] IRS NUMBER: 381747023 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35186 FILM NUMBER: 13794280 BUSINESS ADDRESS: STREET 1: 2800 EXECUTIVE WAY CITY: MIRAMAR STATE: FL ZIP: 33025 BUSINESS PHONE: 954-447-7920 MAIL ADDRESS: STREET 1: 2800 EXECUTIVE WAY CITY: MIRAMAR STATE: FL ZIP: 33025 8-K 1 form8-kearningsrelease1q13.htm 8-K Form 8-K Earnings Release 1Q13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2013

____________________

SPIRIT AIRLINES, INC.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)



001-35186 (Commission File Number)	38-1747023 (IRS Employer Identification Number)

2800 Executive Way

Miramar, Florida 33025

(Address of principal executive offices, including Zip Code)

(954) 447-7920

(Registrant's telephone number, including area code)

____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



[]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

The information in this report furnished pursuant to Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), if such subsequent filing specifically references the information furnished pursuant to Item 2.02 of this report.


Item 2.02.	Results of Operations and Financial Condition.

On April 30, 2013, Spirit Airlines, Inc. (the “Company” or “Spirit”) issued a press release announcing its unaudited financial results for the first quarter 2013.

Non-GAAP financial measures that reflect adjustments from historical financial data prepared under GAAP, including adjustments for special items, are included in the press release as supplemental disclosures because the Company believes they are useful indicators of the Company's operating performance for comparative purposes. These non-GAAP financial measures are well recognized performance measurements in the airline industry that are frequently used by investors, securities analysts and other interested parties in comparing the operating performance of companies in the airline industry. The non-GAAP financial measures provided have limitations as an analytical tool. Because of these limitations determinations of our operating performance adjusted for special items should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. The Company has also provided in the press release reconciliations of these non-GAAP financial measures to the appropriate GAAP financial measures.

The foregoing description is qualified in its entirety by reference to the press release dated April 30, 2013 a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.


Item 9.01.	Financial Statements and Exhibits.

(d) Exhibits

The following is furnished as an exhibit to this report and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act:



Exhibit No.	Description

99.1	Press Release regarding first quarter 2013 financial results.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: April 30, 2013	SPIRIT AIRLINES, INC.

By: /s/ Thomas Canfield

Name: Thomas Canfield

Title: Senior Vice President and General Counsel

EXHIBIT INDEX



Exhibit No.	Description

99.1	Press Release regarding first quarter 2013 financial results.

EX-99.1 2 earningsrelease1q13.htm 1Q13 EARNINGS RELEASE Earnings Release 1Q13

EXHIBIT 99.1

Spirit Airlines Announces First Quarter 2013 Results:

Adjusted Net Income per Share Increases 36.4%

MIRAMAR, FLORIDA (April 30, 2013) - Spirit Airlines, Inc. (NASDAQ: SAVE) today reported first quarter 2013 financial results.


•	Adjusted net income for the first quarter 2013 was $32.8 million, or $0.45 per diluted share¹. GAAP net income was $30.6 million, or $0.42 per diluted share.


•	For the first quarter 2013, Spirit achieved an operating margin, excluding special items, of 14.4 percent¹. Operating margin on a GAAP basis was 13.4 percent for the first quarter 2013.


•	Spirit ended the first quarter 2013 with $483.5 million in unrestricted cash.


•	Spirit grew total available seat miles ("ASMs") 20.8 percent as compared to the first quarter 2012.


•	Spirit's return on invested capital (before taxes and excluding special items) for the last twelve months ended March 31, 2013 was 28.0 percent. See "Calculation for Return on Invested Capital" table below for more details.

“We are pleased to report strong first quarter results. Our team continues to do a great job delivering among the best results in the industry while offering our customers low base fares. Our average base fare per passenger segment in the first quarter 2013 was $79.09. Spirit is proud to offer extremely low base fares so that, even when adding in optional extras, the total price our customers pay is almost always less than what they would pay on other airlines,” said Ben Baldanza, Spirit's President and Chief Executive Officer. “We are committed to our low-cost, low-fare strategy and to providing value for our customers and our shareholders.”

Revenue Performance

For the first quarter 2013, Spirit's total operating revenue was $370.4 million, an increase of 22.9 percent, compared to first quarter 2012.

Total revenue per available seat mile (“RASM”) for the first quarter 2013 was 11.85 cents, an increase of 1.7 percent compared to the first quarter 2012 driven by strength in operating yields. The calendar shift of Easter occurring in March this year compared to April in 2012 contributed to the strong first quarter 2013 results.

Passenger flight segment ("PFS") volume grew 17.8 percent year-over-year in the first quarter 2013. Average non-ticket revenue per PFS for the first quarter 2013 increased 5.9 percent year-over-year to $54.75 and average ticket revenue per PFS for the quarter increased 3.2 percent year-over-year to $79.09. The growth in non-ticket revenue per PFS during the first quarter 2013 was primarily driven by the introduction of advance purchase restrictions on bags as well as other various changes in our pricing structure for optional services.

Cost Performance

Total operating expenses in the first quarter 2013 increased 21.4 percent year-over-year to $320.8 million on a capacity increase of 20.8 percent.

Cost per available seat mile excluding special items and fuel (“Adjusted CASM ex-fuel”) for the first quarter 2013 was 6.04 cents, up 0.8 percent year-over-year. The increase in Adjusted CASM ex-fuel was primarily driven by depreciation and amortization expense related to amortization of heavy maintenance events. Due to an increased number of severe winter storms during the quarter, the Company experienced a higher number of weather-related flight cancellations compared to the same period last year. The CASM pressure associated with the resulting decrease in ASMs as well as other weather-related expenses such as higher deicing expense, also contributed to the increase in Adjusted CASM ex-fuel. The impact of these items was partially offset by efficiency benefits resulting in lower labor expense per ASM, lower distribution expense per ASM, and an increase in average stage length.

Selected Balance Sheet and Cash Flow Items

As of March 31, 2013, Spirit had $483.5 million in unrestricted cash and cash equivalents, no restricted cash, no debt on its balance sheet, and total shareholders' equity of $614.8 million.

During the first quarter 2013, Spirit incurred capital expenditures of $10.6 million, which includes the purchase of a spare engine that was financed under a sale leaseback transaction after it was delivered. The Company paid $15.1 million in pre-delivery deposits ("PDPs") for future deliveries of aircraft, and paid $6.8 million in maintenance reserves, net of reimbursements.

Fleet

In the first quarter 2013, Spirit took delivery of two used A319 aircraft and two new A320 aircraft, ending the quarter with 49 aircraft in its fleet. Spirit's March A320 aircraft delivery was the carrier's first aircraft to be delivered with sharklets. The Company has five additional new A320 aircraft with sharklets scheduled for delivery in 2013.

First Quarter 2013 and Other Current Highlights


•	Recently added/announced new service between (service start date):



- Dallas/Fort Worth and New Orleans (1/24/13)	- Baltimore/Washington and Las Vegas (4/25/13)
- Houston and Orlando (2/14/13)	- Baltimore/Washington and Myrtle Beach (4/25/13)²
- Detroit and Denver (2/14/13)	- Philadelphia and Myrtle Beach (4/25/13)²
- Dallas/Fort Worth and Minneapolis/St. Paul (4/4/13)	- Philadelphia and Las Vegas (4/25/13)
- Dallas/Fort Worth and Philadelphia (4/5/13)	- Minneapolis/St. Paul and Denver (4/25/13)²
- Houston and Los Angeles (4/25/13)	- Dallas/Fort Worth and Los Cabos, Mexico (6/13/13)
- Dallas/Fort Worth and Oakland/	- Dallas/Fort Worth and Latrobe/Pittsburgh (6/14/13)
San Francisco (4/25/13)	- Houston and Denver (6/13/13)
- Dallas/Fort Worth and Los Angeles (4/25/13)	- Houston and Detroit (6/13/13)
- Dallas/Fort Worth and Cancun, Mexico (4/25/13)


•	Became the Official Airline of the MiaGreen Conference & Expo.


•	Partnered with the AIDS foundation Houston and 24th Annual AIDS Walk Houston 2013.


•	Launched the Spirit Destination Give program, the latest in the airline's many efforts of giving back to the local communities it serves. As part of this program, Spirit presented a $10,000 donation to JDRF's Houston Gulf Coast Chapter to support their research to cure, better treat and prevent type 1 diabetes.


•	Hosted job fairs for new flight attendant jobs in Las Vegas and Dallas/Fort Worth.


•	Maintained its commitment to offer low fares to its valued customers (average ticket revenue per passenger flight segment for the first quarter 2013 was $79.09).

Investors are urged to read carefully the Company's periodic reports filed with or furnished to the Securities and Exchange Commission, including its Annual Report on Form 10-K, for additional information regarding the Company.

Conference Call/Webcast Details

Spirit will conduct a conference call to discuss these results today, April 30, 2013, at 11:00 a.m. ET. A live audio webcast of the conference call will be available to the public on a listen-only basis at http://ir.spirit.com. An archive of the webcast will be available under Webcasts & Presentations for 60 days.

About Spirit Airlines

Spirit Airlines (NASDAQ: SAVE) empowers customers to save money on air travel by offering ultra low base fares with a range of optional services, allowing customers the freedom to choose only the extras they value. This innovative approach grows the traveling market and stimulates new economic activity while creating new jobs. Spirit's modern fleet, configuration and other innovations enable Spirit to burn less fuel per seat than competitors, making Spirit one of the most environmentally-friendly U.S. carriers. Spirit's all-Airbus fleet currently operates more than 200 daily flights to over 50 destinations in the U.S., Latin America and the Caribbean. Visit Spirit at www.spirit.com.

End Notes

(1) See "Reconciliation of Adjusted Net Income to GAAP Net Income" table below for additional information.

(2) Seasonal service only.

Forward-Looking Statements

Statements in this release contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations or beliefs concerning future events. When used in this release, the words “expects,” “estimates,” “plans,” “anticipates,” “indicates,” “believes,” “forecast,” “guidance,” “outlook,” “may,” “will,” “should,” “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. Similarly, statements that describe the Company's objectives, plans or goals, or actions the Company may take in the future, are forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company's intentions and expectations regarding the delivery schedule of aircraft on order, announced new service routes and customer savings programs. All forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to a number of factors that could cause the Company's actual results to differ materially from the Company's expectations, including the competitive environment in the airline industry; the Company's ability to keep costs low; changes in fuel costs; the impact of worldwide economic conditions on customer travel behavior; the Company's ability to generate non-ticket revenues; and government regulation. Additional information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2012.

Investor Relations Contact:

DeAnne Gabel

Director, Investor Relations

954-447-7920

InvestorRelations@spirit.com

Media Contacts:

Misty Pinson

Director, Corporate Communications

mediarelations@spirit.com

954-628-4827

SPIRIT AIRLINES, INC.

Statement of Operations ⁽¹⁾

(in thousands, except per share data)

(unaudited)



	Three Months Ended
	March 31,						Percent
	2013			2012			Change
Operating revenues:
Passenger	$	218,897		$	180,078		21.6
Non-ticket	151,540			121,417			24.8
Total operating revenue	370,437			301,495			22.9

Operating expenses:
Aircraft fuel	131,666			108,725			21.1
Salaries, wages and benefits	61,497			52,654			16.8
Aircraft rent	41,072			32,873			24.9
Landing fees and other rents	18,056			15,114			19.5
Distribution	15,681			14,201			10.4
Maintenance, materials and repairs	11,780			9,929			18.6
Depreciation and amortization	6,324			2,870			120.3
Other operating	34,499			27,508			25.4
Loss on disposal of assets	170			449			na
Special charges (credits)	23			(72		)	na
Total operating expenses	320,768			264,251			21.4

Operating income	49,669			37,244			33.4

Other (income) expense:
Interest expense	9			540			na
Capitalized interest	(9		)	(540		)	na
Interest income	(116		)	(415		)	(72.0	)
Other expense	101			43			134.9
Total other (income) expense	(15		)	(372		)	(96.0	)
Income before income taxes	49,684			37,616			32.1
Provision for income taxes	19,130			14,197			34.7
Net income	$	30,554		$	23,419		30.5
Basic earnings per share	$	0.42		$	0.32		31.3
Diluted earnings per share	$	0.42		$	0.32		31.3

Weighted average shares, basic	72,486			72,292			—
Weighted average shares, diluted	72,804			72,499			0.4

(1) Certain prior period amounts have been reclassified to conform to the current year's presentation.

SPIRIT AIRLINES, INC.

Condensed Balance Sheets ⁽¹⁾

(unaudited, in thousands)



	March 31,			December 31,
	2013			2012
Assets
Current assets:
Cash and cash equivalents	$	483,484		$	416,816
Accounts receivable, net	24,616			22,740
Deferred income taxes	12,874			12,591
Other current assets	84,156			95,210
Total current assets	605,130			547,357

Property and equipment:
Flight equipment	4,289			2,648
Ground and other equipment	45,715			43,580
Less accumulated depreciation	(19,595		)	(17,825		)
	30,409			28,403
Deposits on flight equipment purchase contracts	109,719			96,692
Aircraft maintenance deposits	137,239			122,379
Deferred heavy maintenance	91,371			80,533
Other long-term assets	45,884			44,520
Total assets	$	1,019,752		$	919,884

Liabilities and shareholders’ equity
Current liabilities:
Accounts payable	$	17,527		$	24,166
Air traffic liability	175,803			131,414
Other current liabilities	149,933			121,314
Total current liabilities	343,263			276,894

Long-term deferred income taxes	36,031			33,216
Deferred credits and other long-term liabilities	25,659			27,239
Shareholders’ equity:
Common stock	7			7
Additional paid-in-capital	506,558			504,527
Treasury stock	(1,472		)	(1,151		)
Retained earnings	109,706			79,152
Total shareholders’ equity	614,799			582,535
Total liabilities and shareholders’ equity	$	1,019,752		$	919,884

(1) Certain prior period amounts have been reclassified to conform to the current year's presentation.

SPIRIT AIRLINES, INC.

Condensed Statement of Cash Flows

(unaudited, in thousands)



	Three Months Ended March 31,
	2013			2012
Net cash provided by operating activities	$	85,193		$	79,674

Investing activities:
Pre-delivery deposits for flight equipment, net of refunds	(15,127		)	(409		)
Purchase of property and equipment	(10,588		)	(7,970		)
Net cash used in investing activities	(25,715		)	(8,379		)

Financing activities:
Proceeds from options exercised	449			213
Proceeds from sale leaseback transactions	6,900			5,627
Excess tax benefits from share-based compensation	162			825
Repurchase of common stock	(321		)	(457		)
Net cash provided by financing activities	7,190			6,208

Net increase in cash and cash equivalents	66,668			77,503
Cash and cash equivalents at beginning of period	416,816			343,328
Cash and cash equivalents at end of period	$	483,484		$	420,831

Supplemental disclosures
Cash payments for:
Interest	$	9		$	12
Taxes	$	932		$	1,486

SPIRIT AIRLINES, INC.

Selected Operating Statistics (unaudited)



	Three Months Ended March 31,
Operating Statistics	2013	2012	Change
Available seat miles (ASMs) (thousands)	3,127,214	2,589,014	20.8	%
Revenue passenger miles (RPMs) (thousands)	2,661,491	2,194,350	21.3	%
Load factor (%)	85.1	84.8	0.3 pts
Passenger flight segments (thousands)	2,768	2,349	17.8	%
Block hours	52,850	44,473	18.8	%
Departures	20,761	17,995	15.4	%
Operating revenue per ASM (RASM) (cents)	11.85	11.65	1.7	%
Average yield (cents)	13.92	13.74	1.3	%
Average ticket revenue per passenger flight segment ($)	79.09	76.65	3.2	%
Average non-ticket revenue per passenger flight segment ($)	54.75	51.68	5.9	%
Total revenue per passenger flight segment ($)	133.84	128.33	4.3	%
CASM (cents)	10.26	10.21	0.5	%
Adjusted CASM (cents) (1)	10.14	10.18	(0.4	)%
Adjusted CASM ex-fuel (cents) (2)	6.04	5.99	0.8	%
Fuel gallons consumed (thousands)	38,628	32,730	18.0	%
Average economic fuel cost per gallon ($)	3.32	3.31	0.3	%
Aircraft at end of period	49	40	22.5	%
Average daily aircraft utilization (hours)	12.6	12.8	(1.6	)%
Average stage length (miles)	941	912	3.2	%
Airports served at end of period	52	50	4.0	%


(1)	Excludes unrealized mark-to-market losses and special items as described in the “Reconciliation of Adjusted Net Income to GAAP Net Income” table below.


(2)	Excludes all components of fuel expense, including realized and unrealized mark-to-market hedge (gains) and losses, and special items as described in the “Reconciliation of Adjusted Net Income to GAAP Net Income” table below.

The Company is providing a reconciliation of GAAP financial information to non-GAAP financial information as it believes that non-GAAP financial measures provide management and investors the ability to measure the performance of the Company on a consistent basis. These non-GAAP financial measures have limitations as an analytical tool. Because of these limitations, determinations of Spirit's operating performance excluding unrealized gains and losses or special items should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP.

Reconciliation of Adjusted Net Income to GAAP Net Income

(unaudited)



	Three Months Ended
	March 31,
(in thousands, except per share data)	2013		2012
Net income, as reported	$	30,554	$	23,419
Add: Provision for income taxes	19,130		14,197
Income before income taxes, as reported	49,684		37,616

Add: Unrealized mark-to-market losses (1)	3,381		258
Add special items (2):
Loss on disposal of assets	170		449
Special charges (credits)	23		(72		)
Income before income taxes, non-GAAP (3)	53,258		38,251
Provision for income taxes (4)	20,506		14,421
Adjusted net income, non-GAAP (3)	$	32,752	$	23,830

Weighted average shares, basic	72,486		72,292
Weighted average shares, diluted	72,804		72,499

Adjusted net income per share, basic	$	0.45	$	0.33
Adjusted net income per share, diluted	$	0.45	$	0.33


(1)	Unrealized mark-to-market losses are comprised of non-cash adjustments to aircraft fuel expenses.


(2)	Special items include loss on disposal of assets and special charges (credits).


(3)	Excludes unrealized mark-to-market losses and special items.


(4)	Assumes same marginal tax rate as is applicable to GAAP net income.

Reconciliation of Adjusted CASM ex-fuel to CASM

(unaudited)



	Three Months Ended
	March 31,
(in thousands, except CASM data in cents)	2013		2012
Total operating expenses, as reported	$	320,768	$	264,251
Less: Unrealized mark-to-market losses	3,381		258
Less special items:
Loss on disposal of assets	170		449
Special charges (credits)	23		(72		)
Operating expenses, non-GAAP (1)	317,194		263,616
Less: Economic fuel expense, non-GAAP	128,285		108,467
Operating expenses excluding fuel, non-GAAP (1) (2)	$	188,909	$	155,149

Available seat miles	3,127,214		2,589,014

CASM (cents)	10.26		10.21
Adjusted CASM (cents) (1)	10.14		10.18
Adjusted CASM ex-fuel (cents) (2)	6.04		5.99

Reconciliation of Adjusted Operating Income to GAAP Operating Income

(unaudited)



	Three Months Ended
	March 31,
(in thousands)	2013			2012
Operating income, as reported	$	49,669		$	37,244
Operating margin, GAAP	13.4		%	12.4		%
Add: Unrealized mark-to-market losses	3,381			258
Add special items:
Loss on disposal of assets	170			449
Special charges (credits)	23			(72		)
Operating income, non-GAAP (1)	$	53,243		$	37,879
Operating margin (1)	14.4		%	12.6		%


(1)	Excludes unrealized fuel hedge losses and special items as described in the "Reconciliation of Adjusted Net Income to GAAP Net Income" table above.


(2)	Excludes all components of fuel expense, including realized and unrealized fuel hedge (gains) and losses, and special items as described in the “Reconciliation of Adjusted Net Income to GAAP Net Income” table above.

The Company's economic fuel cost per gallon differs from GAAP results in that it only includes the cash settlements related to fuel hedge contracts that settled during the period, whereas the GAAP results also include the non-cash mark-to-market impact of all fuel hedge contracts expected to settle in future periods. The Company believes that net fuel hedge adjustments provide management and investors the ability to better assess and compare its performance.

Reconciliation of non-GAAP Economic Fuel Expense to GAAP Fuel Expense

(unaudited)



	Three Months Ended
	March 31,
(in thousands, except per gallon data)	2013		2012
Fuel Expense
Aircraft fuel, as reported	$	131,666	$	108,725
Less: Unrealized mark-to-market (gains) and losses	3,381		258
Economic fuel expense, non-GAAP	$	128,285	$	108,467

Fuel gallons consumed	38,628		32,730

Economic fuel cost per gallon, non-GAAP	$	3.32	$	3.31

Calculation of Return on Invested Capital

(unaudited)



	Twelve Months Ended
(in thousands)	March 31, 2013
Operating Income	$	186,415
Add: Unrealized mark-to-market and losses (1)	3,169
Add special items:
Special charges (credits) (2)	(8,355		)
Loss on disposal of assets	677
Adjustment for Aircraft Rent	151,771
Adjusted Operating Income (3 )	$	333,677
Tax (38.1%) (4)	127,131
Adjusted Operating Income, after-tax	$	206,546
Invested Capital
Total Debt	$	—
Book Equity	614,799
Less: Unrestricted Cash	483,484
Add: Capitalized Aircraft Operating Leases (7x Aircraft Rent)	1,062,397
Total Invested Capital	$	1,193,712

Return on Invested Capital (ROIC), pre-tax	28.0		%
Return on Invested Capital (ROIC), after-tax	17.3		%


(1)	Unrealized mark-to-market losses are comprised of non-cash adjustments to aircraft fuel expenses.


(2)	Special charges (credits) include the recognition of a gain on the sale of four carrier slots at Ronald Reagan National Airport.


(3)	Excludes unrealized mark-to-market losses, special charges (credits) as described above, and loss on disposal of assets.


(4)	Assumes same marginal tax rate as is applicable to GAAP net income for the twelve months ended March 31, 2013.

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