JETBLUE AIRWAYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (in thousands)
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Year Ended December 31, |
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Six Months Ended June 30, 2003 |
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1998 |
1999 |
2000 |
2001 |
2002 |
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| Earnings: | ||||||||||||||||||||||
| Income (loss) before income taxes | $ | (786 | ) | $ | (13,531 | ) | $ | (21,569 | ) | $ | 41,915 | $ | 95,024 | $ | 95,503 | |||||||
| Less: Capitalized interest | — | (705 | ) | (4,487 | ) | (8,043 | ) | (5,325 | ) | (2,732 | ) | |||||||||||
| Add: | ||||||||||||||||||||||
| Fixed charges | 5 | 1,059 | 17,978 | 39,329 | 53,126 | 35,479 | ||||||||||||||||
| Amortization of capitalized interest | — | — | 19 | 71 | 304 | 225 | ||||||||||||||||
| Adjusted earnings | $ | (781 | ) | $ | (13,177 | ) | $ | (8,059 | ) | $ | 73,272 | $ | 143,129 | $ | 128,475 | |||||||
Fixed charges: |
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| Interest expense | $ | — | $ | 705 | $ | 7,328 | $ | 13,816 | $ | 20,339 | $ | 11,758 | ||||||||||
| Amortization of debt costs | — | — | 67 | 316 | 670 | 459 | ||||||||||||||||
| Rent expense representative of interest | 5 | 354 | 10,583 | 25,197 | 32,117 | 23,262 | ||||||||||||||||
| Total fixed charges | $ | 5 | $ | 1,059 | $ | 17,978 | $ | 39,329 | $ | 53,126 | $ | 35,479 | ||||||||||
| Ratio of earnings to fixed charges | — | (1) | — | (1) | — | (1) | 1.86 | 2.69 | 3.62 | |||||||||||||