EX-12 2 a10kexhibit122015.htm EXHIBIT 12 Exhibit


Exhibit 12

Hawaiian Holdings, Inc.
Computation of Ratio of Earnings to Fixed Charges
 
 
Year ended December 31,
 
 
2011
 
2012
 
2013
 
2014
 
2015
 
 
(in thousands, except ratio of earnings to fixed charges)
Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
$
(1,082
)
 
$
85,786

 
$
86,410

 
$
113,477

 
$
295,688

 
Total fixed charges (see below)
71,536

 
88,836

 
96,459

 
112,443

 
104,652

 
Interest capitalized
(7,771
)
 
(10,524
)
 
(12,625
)
 
(8,024
)
 
(3,261
)
Earnings as adjusted
$
62,683

 
$
164,098

 
$
170,244

 
$
217,896

 
$
397,079

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest and amortization of debt discount and issuance cost
$
24,521

 
$
43,522

 
$
50,453

 
$
64,240

 
$
55,678

 
Portion of rental expense representative of the interest factor
47,015

 
45,314

 
46,006

 
48,203

 
48,974

Total fixed charges
$
71,536

 
$
88,836

 
$
96,459

 
$
112,443

 
$
104,652

Ratio of earnings to fixed charges (a)
—

 
1.85

 
1.76

 
1.94

 
3.79

Coverage deficiency
$
8,853

 
$
—

 
$
—

 
$
—

 
$
—



_______________________________________________________________________________
(a)
For purposes of calculating this ratio, earnings consist of income (loss) before income taxes plus fixed charges, net of capitalized interest. Fixed charges consist of interest expense, the amount amortized for debt discount and issuance cost, and the portion of rental expense representative of interest expense.