JetBlue Airlines 2005 Annual Report Download - page 94
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Exhibit 12.1
JETBLUE AIRWAYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
Year Ended December 31,
2005 2004 2003 2002 2001
Earnings:
Income (loss) before income taxes................ $ (24) $ 75 $ 174 $ 95 $ 42
Less: capitalized interest ........................ (16) (9) (5) (5) (8)
Add:
Fixed charges ................................ 172 113 79 53 39
Amortization of capitalized interest............. 1 1 — — —
Adjusted earnings ......................... $ 133 $ 180 $ 248 $ 143 $ 73
Fixed charges:
Interest expense................................ $ 104 $ 52 $ 28 $ 20 $ 14
Amortization of debt costs ...................... 3 1 1 1 —
Rent expense representative of interest ........... 65 60 50 32 25
Total fixed charges ........................... $ 172 $ 113 $ 79 $ 53 $ 39
Ratio of earnings to fixed charges(1)................ — 1.59 3.14 2.69 1.86
(1) Earnings were inadequate to cover fixed charges by $39 million for the year ended
December 31, 2005.