1 unchanged sentence
The Company’s common stock is listed on the New York Stock Exchange ("NYSE") and is traded under the symbol "LUV." Although the Company has a history of declaring dividends on a quarterly basis, the Company has not paid a dividend since its 174th consecutive quarterly dividend which was declared and paid in first quarter 2020.
−Removed: Pursuant to the Payroll Support Program under the CARES Act, as supplemented by the Payroll Support Program Extension, the Company is prohibited from paying dividends with respect to its common stock through March 31, 2022.
−Removed: Following the expiration of CARES Act and Payroll Support Program Extension restrictions, the Company’s Board of Directors will have sole discretion regarding the timing, amount, and payment of dividends on the basis of operational results, financial condition, cash requirements, future prospects, and other factors deemed relevant by the Board.
+Added: Pursuant to the "PSP1 Payroll Support Program" under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), as supplemented by the "PSP2 Payroll Support Program” under the Consolidated Appropriations Act, 2021, and the "PSP3 Payroll Support Program" under the American Rescue Plan Act of 2021, the Company is prohibited from paying dividends with respect to its common stock through September 30, 2022.
+Added: Following the expiration of these restrictions, the Company’s Board of Directors will have sole discretion regarding the timing, amount, and payment of dividends on the basis of operational results, financial condition, cash requirements, future prospects, and other factors deemed relevant by the Board.
As of February 2, 2022, there were approximately 11,553 holders of record of the Company’s common stock.
12 unchanged sentences
On May 15, 2019, the Company’s Board of Directors authorized the repurchase of up to $2.0 billion of the Company’s common stock.
−Removed: Subject to certain conditions, including restrictions on the Company pursuant to the CARES Act and Payroll Support Program Extension through March 31, 2022, repurchases may be made in accordance with applicable securities laws in open market or private, including accelerated, repurchase transactions from time to time, depending on market conditions.
+Added: Subject to certain conditions, including restrictions on the Company pursuant to the PSP3 Payroll Support Program through September 30, 2022, repurchases may be made in accordance with applicable securities laws in open market or private, including accelerated, repurchase transactions from time to time, depending on market conditions.
The Company has announced it has suspended further share repurchase activity until further notice.
The Company has approximately $899 million remaining under its current share repurchase authorization.
−Removed: Selected Financial Data
−Removed: The following financial information, for the five years ended December 31, 2020, has been derived from the Company’s Consolidated Financial Statements.
−Removed: This information should be viewed in conjunction with the Consolidated Financial Statements and related notes thereto included elsewhere herein.
−Removed: 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.
−Removed: Year ended December 31,
−Removed: 2020 2019 2018 2017 2016
−Removed: Financial Data (in millions, except per share amounts):
−Removed: Operating revenues $ 9,048 $ 22,428 $ 21,965 $ 21,146 $ 20,289
−Removed: Operating expenses 12,864 19,471 18,759 17,739 16,767
−Removed: Operating income (loss) (3,816) 2,957 3,206 3,407 3,522
−Removed: Other expenses (income) net 440 — 42 142 72
−Removed: Income (loss) before taxes (4,256) 2,957 3,164 3,265 3,450
−Removed: Provision (benefit) for income taxes (1,182) 657 699 (92) 1,267
−Removed: Net income (loss) $ (3,074) $ 2,300 $ 2,465 $ 3,357 $ 2,183
−Removed: Net income (loss) per share, basic $ (5.44) $ 4.28 $ 4.30 $ 5.58 $ 3.48
−Removed: Net income (loss) per share, diluted $ (5.44) $ 4.27 $ 4.29 $ 5.57 $ 3.45
−Removed: Cash dividends per common share $ 0.180 $ 0.700 $ 0.605 $ 0.475 $ 0.375
−Removed: Total assets at period-end $ 34,588 $ 25,895 $ 26,243 $ 25,110 $ 23,286
−Removed: Long-term obligations at period-end $ 10,111 $ 1,846 $ 2,771 $ 3,320 $ 2,821
−Removed: Stockholders’ equity at period-end $ 8,876 $ 9,832 $ 9,853 $ 9,641 $ 7,784
−Removed: Operating Data:
−Removed: Revenue passengers carried (000s) 54,088 134,056 134,890 130,256 124,720
−Removed: Enplaned passengers (000s) 67,785 162,681 163,606 157,677 151,740
−Removed: Revenue passenger miles (RPMs) (in millions) (a)
−Removed: 54,221 131,345 133,322 129,041 124,798
−Removed: Available seat miles (ASMs) (in millions) (b)
−Removed: 103,456 157,254 159,795 153,811 148,522
−Removed: Load factor (c)
−Removed: 52.4 % 83.5 % 83.4 % 83.9 % 84.0 %
−Removed: Average length of passenger haul (miles) 1,002 980 988 991 1,001
−Removed: Average aircraft stage length (miles) 743 748 757 754 760
−Removed: Trips flown 897,540 1,367,727 1,375,030 1,347,893 1,311,149
−Removed: Seats flown (000s) (d)
−Removed: 137,405 206,390 207,223 200,879 193,168
−Removed: Seats per trip (e)
−Removed: 153.1 150.9 150.7 149.0 147.3
−Removed: Average passenger fare $ 141.72 $ 154.98 $ 151.64 $ 151.73 $ 152.89
−Removed: Passenger revenue yield per RPM (cents) (f)
−Removed: 14.14 15.82 15.34 15.32 15.28
−Removed: Operating revenues per ASM (cents) (g)(j)
−Removed: 8.75 14.26 13.75 13.75 13.66
−Removed: Passenger revenue per ASM (cents) (h)
−Removed: 7.41 13.21 12.80 12.85 12.84
−Removed: Operating expenses per ASM (cents) (i)
−Removed: 12.43 12.38 11.74 11.53 11.29
−Removed: Operating expenses per ASM, excluding fuel (cents) 10.65 9.62 8.85 8.88 8.73
−Removed: Operating expenses per ASM, excluding fuel and profitsharing (cents) 10.65 9.19 8.51 8.53 8.34
−Removed: Fuel costs per gallon, including fuel tax $ 1.45 $ 2.09 $ 2.20 $ 1.99 $ 1.90
−Removed: Fuel costs per gallon, including fuel tax, economic $ 1.49 $ 2.09 $ 2.20 $ 2.06 $ 2.00
−Removed: Fuel consumed, in gallons (millions) 1,273 2,077 2,094 2,045 1,996
−Removed: Active fulltime equivalent Employees 56,537 (j) 60,767 58,803 56,110 53,536
−Removed: Aircraft at end of period 718 (k)(l) 747 (k) 750 706 723
−Removed: (a) A revenue passenger mile is one paying passenger flown one mile.
−Removed: Also referred to as "traffic," which is a measure of demand for a given period.
−Removed: (b) An available seat mile is one seat (empty or full) flown one mile.
−Removed: Also referred to as "capacity," which is a measure of the space available to carry passengers in a given period.
−Removed: (c) Revenue passenger miles divided by available seat miles.
−Removed: (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.
−Removed: (e) Seats per trip is calculated by dividing seats flown by trips flown.
−Removed: (f) Calculated as passenger revenue divided by revenue passenger miles.
−Removed: 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.
−Removed: (g) Calculated as operating revenues divided by available seat miles.
−Removed: 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.
−Removed: (h) Calculated as passenger revenue divided by available seat miles.
−Removed: 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.
−Removed: (i) Calculated as operating expenses divided by available seat miles.
−Removed: 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.
−Removed: (j) Included 10,421 Employees participating in the Extended Emergency Time Off program as of December 31, 2020.
−Removed: See Note 2 to the Consolidated Financial Statements for further information.
−Removed: (k) Included 32 and 34 Boeing MAX 737 aircraft in long-term storage as of December 31, 2020 and 2019, respectively.
−Removed: See Note 17 to the Consolidated Financial Statements for further information.
−Removed: (l) Included 60 Boeing 737 Next Generation aircraft removed from active fleet and remained in long-term storage as of December 31, 2020.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.