JetBlue Airlines 2004 Annual Report Download - page 101
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Exhibit 12.1
JETBLUE AIRWAYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
Year Ended December 31,
2004 2003 2002 2001 2000
Earnings:
Income before income taxes ......... $ 76,822 $ 175,439 $ 95,024 $ 41,915 $ (21,569)
Less: capitalized interest ............ (8,874) (5,203) (5,325) (8,043) (4,487)
Add:
Fixed charges .................. 113,229 78,829 53,126 39,329 17,978
Amortization of capitalized interest . . 604 471 304 71 19
Adjusted earnings ............. $ 181,781 $ 249,536 $ 143,129 $ 73,272 $ (8,059)
Fixed charges:
Interest expense .................. $ 51,856 $ 27,850 $ 20,339 $ 13,816 $ 7,328
Amortization of debt costs .......... 1,622 1,047 670 316 67
Rent expense representative of interest . 59,751 49,932 32,117 25,197 10,583
Total fixed charges .............. $ 113,229 $ 78,829 $ 53,126 $ 39,329 $ 17,978
Ratio of earnings to fixed charges(1) ..... 1.61 3.17 2.69 1.86 —
(1) Earnings were inadequate to cover fixed charges by $26.0 million for the year ended December 31,
2000.