WS's interest coverage for 1st 3 quarters of 2003 is 8.3x now, down from 24+ x for the same period last year (calculated as net profits from operations + amortization / gross interest expense - if you want to be aggressive and used net interest, it's just 9.3x - which is what WN's coverage was for the same period, JetBlue's is about 8.0x but there's an interest item I am uncertain about). Financial wizards would argue that WS was underlevered in 2002 as far as obtaining optimal return on equity.

For 2003 QIII, the ratios are 10 / 11.6 x so WS is actually doing better in the latest reporting period. Southwest's net coverage is 13.4 for this period. JetBlue's is 8.6x

[This message has been edited by terenz (edited Dec 11, 2003).]