FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * KELLY GARY C   2. Issuer Name and Ticker or Trading Symbol SOUTHWEST AIRLINES CO [LUV] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chairman of the Board & CEO (Last) (First) (Middle) SOUTHWEST AIRLINES CO., 2702 LOVE FIELD DRIVE 3. Date of Earliest Transaction (Month/Day/Year) 02/21/2017 (Street) DALLAS, TX 75235-1908 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock               69,883 (1) I By Family Trust Common Stock               69,891 (2) I By Family Trust Common Stock 02/21/2017   F   5,609 D $ 57.86 619,456 D   Common Stock 02/21/2017   F   9,872 D $ 57.86 609,584 D   Common Stock 02/22/2017   M   100,000 A $ 6.75 709,584 D   Common Stock 02/22/2017   F   1,736 D $ 57.57 707,848 D   Common Stock 02/22/2017   S   300 D $ 57.15 707,548 D   Common Stock 02/22/2017   S   500 D $ 57.16 707,048 D   Common Stock 02/22/2017   S   100 D $ 57.17 706,948 D   Common Stock 02/22/2017   S   200 D $ 57.18 706,748 D   Common Stock 02/22/2017   S   600 D $ 57.19 706,148 D   Common Stock 02/22/2017   S   200 D $ 57.2 705,948 D   Common Stock 02/22/2017   S   96 D $ 57.21 705,852 D   Common Stock 02/22/2017   S   3,604 D $ 57.22 702,248 D   Common Stock 02/22/2017   S   200 D $ 57.225 702,048 D   Common Stock 02/22/2017   S   780 D $ 57.23 701,268 D   Common Stock 02/22/2017   S   300 D $ 57.231 700,968 D   Common Stock 02/22/2017   S   100 D $ 57.235 700,868 D   Common Stock 02/22/2017   S   2,020 D $ 57.24 698,848 D   Common Stock 02/22/2017   S   1,000 D $ 57.25 697,848 D   Common Stock 02/22/2017   S   100 D $ 57.254 697,748 D   Common Stock 02/22/2017   S   900 D $ 57.26 696,848 D   Common Stock 02/22/2017   S   100 D $ 57.261 696,748 D   Common Stock 02/22/2017   S   3,279 D $ 57.27 693,469 D   Common Stock 02/22/2017   S   200 D $ 57.271 693,269 D   Common Stock 02/22/2017   S   1,921 D $ 57.28 691,348 D   Common Stock 02/22/2017   S   200 D $ 57.281 691,148 D   Common Stock 02/22/2017   S   3,700 D $ 57.29 687,448 D   Common Stock 02/22/2017   S   400 D $ 57.291 687,048 D   Common Stock 02/22/2017   S   500 D $ 57.295 686,548 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (right to buy)

$ 6.75

02/22/2017

M

100,000

(3)

02/01/2019

Common Stock

100,000

$ 0

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
KELLY GARY C SOUTHWEST AIRLINES CO. 2702 LOVE FIELD DRIVE DALLAS, TX 75235-1908	X		Chairman of the Board & CEO

Signatures

Tim Whisler, on behalf of and as attorney-in-fact for Gary C. Kelly		02/23/2017
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	These shares are held in trust for the reporting person and his descendants. The reporting person is trustee of the trust.
(2)	These shares are held in trust for the benefit of the reporting person's spouse and descendants. The reporting person's spouse is trustee of the trust.
(3)	The option was 100% vested at the time of exercise.
Remarks: Form 1 of 5

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