EX-12.1 2 v99263a1exv12w1.txt EXHIBIT 12.1 EXHIBIT 12.1 ALASKA AIR GROUP, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS, EXCEPT RATIOS)
2003 2002 2001 2000 1999 Earnings: Income before income tax expense $ 29,000 $(101,800) $ (63,515) $ (26,905) $ 213,003 Less: Capitalized interest (2,336) (2,646) (10,612) (17,684) (12,632) Add: Interest on indebtedness 47,508 46,261 47,429 36,046 16,339 Amortization of debt expense 1,103 815 703 330 440 Amortization of capitalized interest 4,990 4,993 5,013 4,736 4,663 Portion of rent under long-term operating leases representative of an interest factor 96,026 91,356 84,161 80,313 82,505 Earnings Available for Fixed Charges $ 176,291 $ 38,979 $ 63,179 $ 76,836 $ 304,318 Fixed Charges: Interest 47,508 46,261 47,429 36,046 16,339 Amortization of debt expense 1,103 815 703 330 440 Portion of rent under long-term operating leases representative of an interest factor 96,026 91,356 84,161 80,313 82,505 Total Fixed Charges $ 144,637 $ 138,432 $ 132,293 $ 116,689 $ 99,284 Ratio of Earnings to Fixed Charges 1.22 0.28 0.48 0.66 3.07 Coverage deficiency - $ 99,453 $ 69,114 $ 39,853 -