Got more info for the thread about the fuel hedges. I'm currently in new hire SWA training and we heard from the finance guys about the earnings report. The "excluding SFAS 133 fuel hedge" stuff means that there is a $ amount given to the unrealized value of future fuel hedges that Southwest has in place. Kind of like when your house appreciates in value it is worth more, but you don't really make a cent until you sell it. Not sure who determines this $ amount, but it is really just a paper gain. So, Southwest subtracted this out of their earnings and came up with $273M. Southwest absolutely exercised fuel options second quarter - $225M. So, those that said without the hedges Southwest would have earned $48M are correct.

Gary Kelly also spoke to us (new hires, upgrades, recurrent, instructors, etc.) today at the training center and he quoted these same numbers.