EX-12.1 2 y01722exv12w1.htm EX-12.1: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX-12.1
Exhibit 12.1
JETBLUE AIRWAYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
                                         
    Year Ended December 31,  
    2008     2007     2006     2005     2004  
Earnings:
                                        
Income (loss) before income taxes
   $ (90 )   $ 31     $ (1 )   $ (31 )   $ 75  
Less: capitalized interest
     (48 )     (43 )     (27 )     (16 )     (9 )
Add:
                                        
Fixed charges
   $ 354       342       273       179       113  
Amortization of capitalized interest
     2       1       1       1       1  
 
                              
Adjusted earnings
   $ 218     $ 331     $ 246     $ 133     $ 180  
 
                              
 
                                        
Fixed charges:
                                        
Interest expense
   $ 228     $ 230     $ 178     $ 111     $ 52  
Amortization of debt costs
     14       5       5       3       1  
Rent expense representative of interest
     112       107       90       65       60  
 
                              
Total fixed charges
   $ 354     $ 342     $ 273     $ 179     $ 113  
 
                              
 
                                        
Ratio of earnings to fixed charges (1)
     —       —       —       —       1.59  
 
                              
 
(1)   Earnings were inadequate to cover fixed charges by $136 million, $11 million, $27 million and $46 million for the years ended December 31, 2008, 2007, 2006 and 2005, respectively.