Let's get it on. I'll be the first to admit I've cherry picked lines and bullet points in the past. Fact is GAAP's or not, it's a loss. We can't expect to toot our own horn killing them with hedges if we don't take our lumps when we're late pulling the trigger on them.
BUT! I'm not voing for a pay freeze! $69 million profit on half empty planes is a good sign to me.
Gup
Well I for one am glad we don't have a finance department trying to "pull the trigger" on hedges at just the right time. That is a gamble, you're trying to time the market. Now, a long term hedging plan that allows you to fix your fuel costs out into the future is a planning tool. And, while you may no doubt lose money on those hedges at times (which oh by the way we didn't) it is still a wise move to try to stabilize costs for planning purposes and to even out the swings in your commodity expenses.