Exhibit 12.1
JETBLUE AIRWAYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
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|
|
Three Months Ended |
|
Nine Months Ended |
|
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|
|
|
2004 |
|
2003 |
|
2004 |
|
2003 |
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Earnings: |
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|
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|
|
|
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|
Income before income taxes |
|
$ |
13,810 |
|
$ |
49,417 |
|
$ |
76,088 |
|
$ |
144,920 |
|
|
Less: Capitalized interest |
|
(2,477 |
) |
(1,405 |
) |
(5,863 |
) |
(3,647 |
) |
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Add: |
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|
|
|
|
|
|
|
|
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Fixed charges |
|
29,468 |
|
21,192 |
|
81,067 |
|
56,671 |
|
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|
Amortization of capitalized interest |
|
152 |
|
119 |
|
428 |
|
344 |
|
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|
Adjusted earnings |
|
$ |
40,953 |
|
$ |
69,323 |
|
$ |
151,720 |
|
$ |
198,288 |
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Fixed charges: |
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Interest expense |
|
$ |
13,748 |
|
$ |
7,628 |
|
$ |
35,404 |
|
$ |
19,386 |
|
|
Amortization of debt costs |
|
424 |
|
229 |
|
1,108 |
|
688 |
|
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|
Rent expense representative of interest |
|
15,296 |
|
13,335 |
|
44,555 |
|
36,597 |
|
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Total fixed charges |
|
$ |
29,468 |
|
$ |
21,192 |
|
$ |
81,067 |
|
$ |
56,671 |
|
|
|
|
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|
|
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|
Ratio of earnings to fixed charges |
|
1.39 |
|
3.27 |
|
1.87 |
|
3.50 |
|
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