JetBlue Airlines 2008 Annual Report Download - page 102

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Exhibit 12.1
JETBLUE AIRWAYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
2008 2007 2006 2005 2004
Year Ended December 31,
Earnings:
Income (loss) before income taxes ........................ $(76) $ 41 $ 9 $ (24) $ 75
Less: capitalized interest ............................... (48) (43) (27) (16) (9)
Add:
Fixed charges...................................... 347 333 263 172 113
Amortization of capitalized interest...................... 2 1 1 1 1
Adjusted earnings ................................ $225 $332 $246 $133 $ 180
Fixed charges:
Interest expense ...................................... $218 $221 $169 $104 $ 52
Amortization of debt costs .............................. 14 5 4 3 1
Rent expense representative of interest ..................... 115 107 90 65 60
Total fixed charges ................................. $347 $333 $263 $172 $ 113
Ratio of earnings to fixed charges (1)........................ — — — — 1.59
(1) Earnings were inadequate to cover fixed charges by $122 million, $1 million, $17 million, and $39 million for
the years ended December 31, 2008, 2007, 2006 and 2005, respectively.