EX-12.1 2 a05-17168_4ex12d1.htm EX-12.1

Exhibit 12.1

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

 

 

Year Ended December 31,

 

 

 

2004

 

2003

 

2002

 

2001

 

2000

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

74,766

 

$

174,030

 

$

95,024

 

$

41,915

 

$

(21,569

)

Less: capitalized interest

 

(8,874

)

(5,203

)

(5,325

)

(8,043

)

(4,487

)

Add:

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

113,370

 

79,185

 

53,126

 

39,329

 

17,978

 

Amortization of capitalized interest

 

604

 

471

 

304

 

71

 

19

 

Adjusted earnings

 

$

179,866

 

$

248,483

 

$

143,129

 

$

73,272

 

$

(8,059

)

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

51,856

 

$

27,850

 

$

20,339

 

$

13,816

 

$

7,328

 

Amortization of debt costs

 

1,622

 

1,047

 

670

 

316

 

67

 

Rent expense representative of interest

 

59,892

 

50,288

 

32,117

 

25,197

 

10,583

 

Total fixed charges

 

$

113,370

 

$

79,185

 

$

53,126

 

$

39,329

 

$

17,978

 

Ratio of earnings to fixed charges(1)

 

1.59

 

3.14

 

2.69

 

1.86

 

—

 

(1)          Earnings were inadequate to cover fixed charges by $26.0 million for the year ended December 31, 2000.