EX-12 5 a13-7822_1ex12.htm EX-12

Exhibit 12

 

Hawaiian Holdings, Inc.

Computation of Ratio of Earnings to Fixed Charges

(in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2013

 

2012

 

 

 

(in thousands, except for ratio)

 

Earnings

 

 

 

 

 

Income (loss) before income taxes

 

$

(27,379

)

$

11,859

 

 

 

 

 

 

 

Additions:

 

 

 

 

 

Total fixed charges (see below)

 

22,779

 

19,784

 

 

 

 

 

 

 

Subtractions:

 

 

 

 

 

Interest capitalized

 

3,440

 

2,573

 

 

 

 

 

 

 

Earnings as adjusted

 

$

(8,040

)

$

29,070

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

Interest on indebtedness, expensed or capitalized

 

$

10,021

 

$

7,901

 

Amortization of debt discount and accretion of convertible debt

 

1,356

 

1,147

 

Portion of rental expense representative of the interest factor

 

11,402

 

10,736

 

 

 

 

 

 

 

Total fixed charges

 

$

22,779

 

$

19,784

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (a)

 

N/A

 

1.47

 

 

 

 

 

 

 

Coverage deficiency

 

$

30,819

 

$

—

 

 

(a)         For purposes of calculating this ratio, earnings consist of income before income taxes plus fixed charges, net of capitalized interest. Fixed charges consist of interest expense, the amount amortized for debt discount, and the portion of rental expense representative of interest expense. For the three months ended March 31, 2013, earnings were inadequate to cover fixed charges and the coverage deficiency was $30.8 million.

 

N/A            Not applicable, as earnings are inadequate to cover fixed charges.