Southwest Airlines (LUV) - Ratios
( $in millions)	2011	2010	2009	2008
FREE CASH FLOW
Net Cash From Operating Activities ( NCOA)	$1,385	$1,561	$985	-1,521
Capital Expenditures	-968	-493	-585	-923
Dividends Paid	-14	-13	-13	-13
NCOA- Capital Exp - Dividends Paid	$403	$1,055	$387	($2,457)
CASH FLOW ADECUACY
Net Cash from operating activities (NCOA)	$1,385	$1,561	$985	-1.521
Capital Expenditures + Dividends	982	506	598	$936
NCOA/ (Capital exp + Dividends Paid)	1.41	3.09	1.65	-1.63
CASH FLOW LIQUIDITY RATIO
Cash and cash equivalents	$829	$1,261	$1,114	$1,368
Markekable securities (MS)	$2,315	$2,277	$1,479	$435
Net Cash from operating activities (NCOA)	$1,385	$1,561	$985	($1,521)
Current Liabilities	$4,533	$3,305	$2,676	$2,806
(Cash + MS + NCOA) / Current Liabilities	1	1.54	1.33	0.1
QUALITY OF INCOME
Net cash from operating activities (NCOA)	$1,385	$1,561	$985	($1,521)
Net income	$178	$459	$99	$178
NCOA / Net Income	7.78	3.4	9.95	-8.55

Refer to the information above to answer the following questions.

Q1 FREE CASH FLOW: Southwest Airlines would have been able to take advantage of a $ 1 billion opportunity during ( 2011 / 2010 / 2009 / 2008).

Q2 CASH FLOW ADEQUACY: Southwest Airlines had adequate cash for capital expenditures and dividends during ( 2011 / 2010 / 2009 / 2008), as indicated by a cash flow adequacy ratio of ( greater / less) than 1.0.

Q3 CASH FLOW LIQUIDITY RATIO: Southwest Airlines lacked cash resources to cover current liability obligations during ( 2011 / 2010 / 2009 / 2008), as indicated by a cash flow liquidity ratio of ( greater / less) than 1.0.

Q4 QUALITY OF INCOME: Southwest Airlines had adequate cash to support each $ 1 of net income during ( 2011 / 2010 / 2009 / 2008), as indicated by a quality of income ratio greater than ( 0.0 / 1.0 / 2.0).

Q5 The strongest cash position for Southwest Airlines was during ( 2011 / 2010 / 2009 / 2008).

Why? Support your response with at least two relevant observations.