Exhibit 12.1
JETBLUE
AIRWAYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
|
|
|
Year Ended December 31, |
|
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|
|
|
2004 |
|
2003 |
|
2002 |
|
2001 |
|
2000 |
|
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|
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
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|
Income before income taxes |
|
$ |
74,766 |
|
$ |
174,030 |
|
$ |
95,024 |
|
$ |
41,915 |
|
$ |
(21,569 |
) |
|
Less: capitalized interest |
|
(8,874 |
) |
(5,203 |
) |
(5,325 |
) |
(8,043 |
) |
(4,487 |
) |
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|
Add: |
|
|
|
|
|
|
|
|
|
|
|
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|
Fixed charges |
|
113,370 |
|
79,185 |
|
53,126 |
|
39,329 |
|
17,978 |
|
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|
Amortization of capitalized interest |
|
604 |
|
471 |
|
304 |
|
71 |
|
19 |
|
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|
Adjusted earnings |
|
$ |
179,866 |
|
$ |
248,483 |
|
$ |
143,129 |
|
$ |
73,272 |
|
$ |
(8,059 |
) |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
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|
Interest expense |
|
$ |
51,856 |
|
$ |
27,850 |
|
$ |
20,339 |
|
$ |
13,816 |
|
$ |
7,328 |
|
|
Amortization of debt costs |
|
1,622 |
|
1,047 |
|
670 |
|
316 |
|
67 |
|
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|
Rent expense representative of interest |
|
59,892 |
|
50,288 |
|
32,117 |
|
25,197 |
|
10,583 |
|
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|
Total fixed charges |
|
$ |
113,370 |
|
$ |
79,185 |
|
$ |
53,126 |
|
$ |
39,329 |
|
$ |
17,978 |
|
|
Ratio of earnings to fixed charges(1) |
|
1.59 |
|
3.14 |
|
2.69 |
|
1.86 |
|
— |
|
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(1) Earnings were inadequate to cover fixed charges by $26.0 million for the year ended December 31, 2000.