We’ve been keeping an eye on Steve Jobs’ private jet expenses ever since Morgan Stanley’s Katy Huberty recommended that her clients buy Apple based on how much time he was spending in the air.

The argument she made in Feb. 2008, after Jobs was reimbursed a record $550,000 for jet fuel and other expenses, was that he is “integral to negotiations with international carriers and supply chain partners.” (See here.)

That turns out not to be true. For the second quarter in a row, according to the Form 10-Q the company filed with the SEC on Wednesday, Jobs — who is on sick leave — received no reimbursement for business use of his Gulfstream jet, yet the stock is trading at record highs.

Apple’s shares did even better the last time time its CEO was grounded for medical reasons. From January to September 2009, while Jobs was undergoing and recovering from a liver transplant, the stock rose nearly 114%.