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Exhibit 12.1

JETBLUE AIRWAYS CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except ratios)

				Year Ended December 31,
				2003			2002			2001			2000			1999
Earnings:
	Income (loss) before income taxes			$	175,439		$	95,024		$	41,915		$	(21,569	)	$	(13,531	)
	Less: Capitalized interest				(5,203	)		(5,325	)		(8,043	)		(4,487	)		(705	)
	Add:
		Fixed charges			78,829			53,126			39,329			17,978			1,059
		Amortization of capitalized interest			471			304			71			19			—
			Adjusted earnings	$	249,536		$	143,129		$	73,272		$	(8,059	)	$	(13,177	)
Fixed charges:
	Interest expense			$	27,850		$	20,339		$	13,816		$	7,328		$	705
	Amortization of debt costs				1,047			670			316			67			—
	Rent expense representative of interest				49,932			32,117			25,197			10,583			354
			Total fixed charges	$	78,829		$	53,126		$	39,329		$	17,978		$	1,059
Ratio of earnings to fixed charges(1)					3.17			2.69			1.86			—			—

(1)

Earnings were inadequate to cover fixed charges by $26.0 million, and $14.2 million for the years ended December 31, 2000 and 1999, respectively.

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Exhibit 12.1

JETBLUE AIRWAYS CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (in thousands, except ratios)