EX-12 3 a2212702zex-12.htm EX-12
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Exhibit 12

Hawaiian Holdings, Inc.
Computation of Ratio of Earnings to Fixed Charges

 
   Year ended December 31,  
 
   2008   2009   2010   2011   2012  
 
   (in thousands, except for ratio)
  

Earnings

                                

Income (loss) before income taxes

   $ 53,209   $ 97,196   $ 81,989   $ (1,082 ) $ 85,786  

Additions:

                                

Total fixed charges (see below)

     63,574     66,147     68,034     71,536     88,836  

Subtractions:

                                

Interest capitalized

     —     —     2,665     7,771     10,524  
                       

Earnings as adjusted

   $ 116,783   $ 163,343   $ 147,358   $ 62,683   $ 164,098  
                       

Fixed Charges:

                                

Interest on indebtedness, expensed or capitalized

   $ 19,289   $ 19,378   $ 15,703   $ 20,991   $ 38,447  

Amortization of debt discount and accretion of convertible debt

     1,367     1,275     1,132     3,530     5,075  

Portion of rental expense representative of the interest factor(1)

     42,918     45,494     51,199     47,015     45,314  
                       

Total fixed charges

   $ 63,574   $ 66,147   $ 68,034   $ 71,536   $ 88,836  
                       

Ratio of earnings to fixed charges

     1.84     2.47     2.17     —     1.85  
                       

Coverage deficiency

   $ —   $ —   $ —   $ 8,853   $ —  
                       
(1)
Represents a percentage of total rent expense. We used 35% for the years 2008 through 2010 and 30% for 2011 and 2012, which we believe is a reasonable estimate of the interest component of rent expense.



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Hawaiian Holdings, Inc. Computation of Ratio of Earnings to Fixed Charges