JetBlue Airlines 2007 Annual Report Download - page 101
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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,
2007 2006 2005 2004 2003
Earnings:
Income (loss) before income taxes................ $ 41 $ 9 $(24) $ 75 $ 174
Less: capitalized interest ........................ (43) (27) (16) (9) (5)
Add:
Fixed charges ................................ 333 263 172 113 79
Amortization of capitalized interest............. 1 1 1 1 —
Adjusted earnings .......................... $332 $246 $133 $ 180 $ 248
Fixed charges:
Interest expense................................ $221 $169 $104 $ 52 $ 28
Amortization of debt costs ...................... 5 4 3 1 1
Rent expense representative of interest ........... 107 90 65 60 50
Total fixed charges ......................... $333 $263 $172 $ 113 $ 79
Ratio of earnings to fixed charges (1) ............... — — — 1.59 3.14
(1) Earnings were inadequate to cover fixed charges by $1 million, $17 million, and $39 million for the
years ended December 31, 2007, 2006 and 2005, respectively.