Southwest Airlines Declares 121st Consecutive Dividend

DALLAS, Nov. 16 /PRNewswire-FirstCall/ — Southwest Airlines’ (NYSE:LUV) Board of Directors declared a quarterly dividend of $.0045 per share to Shareholders of record at the close of business on December 7, 2006 on all shares then issued and outstanding.
Gary C. Kelly, Vice Chairman and CEO, stated: “Our Board of Directors is pleased to announce our 121st consecutive dividend to be paid on January 4, 2007. In addition, the Board has authorized a new share repurchase program to acquire up to $400 million of the Company’s common stock. Based on yesterday’s close price of $15.94, this represents approximately 25.1 million shares of common stock.

This new authorization is in addition to the two buyback programs the Company initiated and completed earlier this year. Under these programs, we repurchased 36.5 million shares for a total of $600 million. This new authorization is an indication of our financial strength. It reflects our confidence in the growth opportunities of Southwest Airlines and our continued ommitment to enhance Shareholder value.”

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