Well, it's been 40 straight years of profits, so it ain't caught up with 'em yet.
Here is the sweet spot we shareholders are caught in:
1) We hold stock, so therefore wish the stock to go up. and,
2) LUV's investment banker (the one that delivered 17 million shares to LUV on May 15) is currently short. LUV is under contract not to buy LUV shares ($525 million worth) until their investment banker replaces those 17 million shares short. Thus, we want the shares to go down so that the Investment banker can buy more shares for LUV's $250 million as per the contract, thus delivering back more shares to LUV. Also, if the stock remains under the price that Kelly just said the company is buying ("we wouldn't be announcing a share repurchase today if we weren't willing to get out there and buy some shares at these prices. " http://seekingalpha.com/article/1437141-southwest-airlines-ceo-hosts-2013-annual-shareholder-meeting-transcript?page=5&p=qanda&l=last ) then AFTER the investment banker finishes buying their $250 million short position back, LUV will be able to come in and continue buying at the prices Kelly mentioned he is interested buying.
So, we longs want don't really care if the stock goes up or down, strange as that may sound. If the stock goes down, we end up owning a larger percentage of the company via the company buying their own shares, thus making the earning per share, share value, etc. in the future higher.