EX-12.1 9 ex12110k2017.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
American Airlines Group Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(In millions)

 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
Income (loss) before income taxes
 
$
3,084

 
$
4,299

 
$
4,616

 
$
3,212

 
$
(2,180
)
Add: Total fixed charges (per below)
 
2,028

 
1,956

 
1,836

 
1,931

 
1,983

Less: Interest capitalized
 
49

 
45

 
52

 
61

 
47

Total earnings (loss) before income taxes
 
$
5,063

 
$
6,210

 
$
6,400

 
$
5,082

 
$
(244
)
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest (1)
 
$
1,102

 
$
1,036

 
$
932

 
$
948

 
$
902

Portion of rental expense representative of the interest factor
 
926

 
920

 
904

 
983

 
1,081

Total fixed charges
 
$
2,028

 
$
1,956

 
$
1,836

 
$
1,931

 
$
1,983

Ratio of earnings to fixed charges
 
2.5

 
3.2

 
3.5

 
2.6

 
—

Coverage deficiency
 
$
—

 
$
—

 
$
—

 
$
—

 
$
2,227


(1)
The twelve months ended December 31, 2014 includes non-cash interest accretion related to Bankruptcy Settlement Obligations.