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79JETBLUE AIRWAYS CORPORATION-2015Annual Report
PART IV
ITEM 15Exhibits, Financial Statement Schedules
EXHIBIT 12.1 Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Year Ended December 31,
2015 2014 2013 2012 2011
Earnings:
Income before income taxes(a) $ 1,097 $ 623 $ 279 $ 209 $ 145
Less: Capitalized interest (8) (14) (13) (8) (5)
Add:
Fixed charges 232 237 255 270 273
Amortization of capitalized interest 4 4 3 2 2
Adjusted earnings $ 1,325 $ 850 $524 $ 473 $ 415
Fixed charges:
Interest expense $ 123 $ 142 $ 154 $ 167 $ 171
Amortization of debt costs 5 6 8 9 8
Rent expense representative of interest 104 89 93 94 94
TOTAL FIXED CHARGES $ 232 $ 237 $ 255 $ 270 $ 273
RATIO OF EARNINGS TO FIXED CHARGES(a) 5.71 3.59 2.05 1.75 1.52
(a) Excluding the $241 million gain on the sale of LiveTV in 2014 would result in a ratio of earnings to fixed charges of 2.57.
EXHIBIT 21.1 List of Subsidiaries as of December 31, 2015
BlueBermuda Insurance, LTD (Bermuda corporation)
JetBlue Technology Ventures, LLC (Delaware corporation)
EXHIBIT 23 Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the following Registration Statements:
(1) Registration Statement (Form S-8 No. 333-86444) pertaining to the JetBlue Airways Corporation 2002 Stock Incentive Plan and the JetBlue
Airways Corporation Crewmember Stock Purchase Plan,
(2) Registration Statement (Form S-8 No. 333-129238) pertaining to the JetBlue Airways Corporation 2002 Stock Incentive Plan and the JetBlue
Airways Corporation Crewmember Stock Purchase Plan,
(3) Registration Statement (Form S-8 No. 333-161565) pertaining to the JetBlue Airways Corporation 2002 Stock Incentive Plan and the JetBlue
Airways Corporation Crewmember Stock Purchase Plan,
(4) Registration Statement (Form S-8 No. 333-174947) pertaining to the JetBlue Airways Corporation 2011 Incentive Compensation Plan and the
JetBlue Airways Corporation 2011 Crewmember Stock Purchase Plan,
(5) Registration Statement (Form S-3 ASR No. 333-207768) of JetBlue Airways Corporation, and
(6) Registration Statement (Form S-3 ASR No. 333-202143) of JetBlue Airways Corporation; and
(7) Registration Statement (Form S-8 No. 333-207242) pertaining to the JetBlue Airways Corporation 2011 Incentive Compensation Plan and the
JetBlue Airways Corporation 2011 Crewmember Stock Purchase Plan
of our reports dated February 17, 2016, with respect to the consolidated financial statements of JetBlue Airways Corporation, the effectiveness of internal
control over financial reporting of JetBlue Airways Corporation and the financial statement schedule of JetBlue Airways Corporation listed in Item 15(2)
included in this Annual Report (Form 10-K) of JetBlue Airways Corporation for the year ended December 31, 2015.
/s/ Ernst & Young LLP
New York, New York
February 17, 2016