I will have to find this in writing the next time I go to work but I believe without hedges SWA would have been profitable 3 out of 4 quarters in 2005 and profitable for the whole year. A meager yearly profit no doubt but no losses.

Yes, I'm onboard with higher fares across the board but you have to realize SWA will always have the lowest RELATIVE fares. That's been their claim to fame for 35 years. That and good customer service.

Kill Bill et al are always welcome on our jumpseat. We take so many people to work every week, even pilots from airlines who have been less than friendly to us over the years. It's our pleasure. CASS makes it so easy now. We had 4 off-line jumpseaters in the cockpit on my last trip alone.

S.B.