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Southwest Airlines CEO made $4 million in 2012

Published on NewsOK Modified: April 5, 2013 at 12:37 pm •  Published: April 5, 2013

In 2012, Southwest's net income more than doubled to $421 million from $178 million in 2011. The results were helped by paper gains on fuel-hedging contracts. Revenue rose 9 percent to $16.09 billion on higher fares and more passengers, but operating costs climbed 10 percent because of increased spending for labor, fuel and maintenance.

Shares of Dallas-based Southwest, the nation's fourth-biggest airline, climbed nearly 20 percent during 2012 and were up another 25 percent since the start of 2013, through Thursday's close. Airline stocks have benefited from consolidation, as investors expect a series of mergers to increase the pricing power and profitability of the remaining carriers.

Kelly joined Southwest in 1986 and held a succession of finance jobs including chief financial officer. He was named CEO in 2004 and added the chairman's title in 2008.