EX-12.1 20 a2200175zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

Global Aviation Holdings Inc

Unaudited Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

 

 

 

Predecessor

 

Global

 

 

 

Year Ended
December 31,
2005

 

Two Months
Ended February
28, 2006

 

Ten Months
Ended
December
31, 2006

 

Year
Ended
December
31, 2007

 

Year
Ended
December
31, 2008

 

Year
Ended
December
31, 2009

 

Six
Months
Ended
June 30,
2010

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income (loss) from continuing operations

 

$

(455,587

)

$

1,431,508

 

$

(36,462

)

$

(82,662

)

$

(181,846

)

$

98,123

 

$

450

 

Interest on ASC 450, Contingencies liabilties

 

—

 

—

 

—

 

(185

)

(702

)

(58

)

(614

)

Fixed charges

 

25,236

 

6,777

 

27,288

 

56,608

 

79,630

 

80,125

 

33,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

(430,351

)

$

1,438,285

 

$

(9,174

)

$

(26,239

)

$

(102,918

)

$

178,190

 

$

33,683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

6,235

 

4,666

 

18,231

 

38,468

 

58,804

 

58,700

 

23,620

 

Interest portion of rent expense (a)

 

19,001

 

2,111

 

9,057

 

18,140

 

20,826

 

21,425

 

10,227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

25,236

 

$

6,777

 

$

27,288

 

$

56,608

 

$

79,630

 

$

80,125

 

$

33,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

N/A

 

212.2x

 

N/A

 

N/A

 

N/A

 

2.2x

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts by which earnings were inadequate to cover fixed charges

 

$

455,587

 

N/A

 

$

36,462

 

$

82,847

 

$

182,548

 

N/A

 

$

164

 

 

(a) Represents an imputed 15% interest rate on aircraft rental expense deemed for this purpose to represent the interest component of aircraft rental payments.