Base your answers to the following questions on the financial statements of WestJet Airlines Ltd. in Exhibit 2-19.

a. Calculate the following ratios for each of the two years presented.
i. Profit margin ratio (use total revenues)
ii. Return on assets
iii. Return on equity
b. Comment on WestJet€™s profitability during 2012 and 2013.

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EXHIBIT 2-19AWE WESTJET AIRLINES LTD.'S 2013 CONSOLIDATED STATEMENT OF EARNINGS Consolidated Statement of Earnings For the years ended December 31 Stated in thousands of Canadian dollars, except per share amounts) Note 2013 2012 Revenue: Guest Other 3,337,569 3,133,492 293,917 3,662,197 3,427,409 324,628 Operating expenses Aircraft fuel Airport operations Flight operations and navigational charges Sales and distribution Marketing, general and administration Depreciation and amortization Inflight Aircraft leasing Maintenance Employee profit share 1,039,448 459,465 410,052 356,988 222,567 200,840 176,907 175,646 169,197 51,577 3,262,687 992,787 424,911 376,050 333,106 202,398 185,401 162,633 173,412 154,406 46,585 3,051,689 375,720 Earnings from operations 399,510 Non-operating income (expense): Finance income Finance cost Gain on foreign exchange Gain (loss) on disposal of property and equipment Loss on fuel derivatives 17,848 (43,447) 1,136 (2,962) 18,391 (48,900) 1,061 469 (27,425) 372,085 51 (35,491) 340,229 Earnings before income tax Income tax expense (recovery): 66,230 31,607 97,837 242,392 Current Deferred 154,964 (51,601) 103,363 268,722 Net earnings