EX-12.1 4 v05863exv12w1.txt EXHIBIT 12.1 . . . EXHIBIT 12.1 ALASKA AIR GROUP, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS, EXCEPT RATIOS)
2004 2003 2002 2001 2000 ---------- ---------- ---------- ---------- ---------- Earnings: Income (loss) before income tax expense (benefit) and accounting change $ (20,600) $ 29,000 $ (101,800) $ (63,515) $ (26,905) Less: Capitalized interest (1,662) (2,336) (2,646) (10,612) (17,684) Add: Interest on indebtedness 49,801 47,508 46,261 47,429 36,046 Amortization of debt expense 1,220 1,103 815 703 330 Amortization of capitalized interest 4,811 4,990 4,993 5,013 4,736 Portion of rent under long-term operating leases representative of an interest factor 103,199 96,026 91,356 84,161 80,313 ---------- ---------- ---------- ---------- ---------- Earnings Available for Fixed Charges $ 136,769 $ 176,291 $ 38,979 $ 63,179 $ 76,836 ========== ========== ========== ========== ========== Fixed Charges: Interest 49,801 47,508 46,261 47,429 36,046 Amortization of debt expense 1,220 1,103 815 703 330 Portion of rent under long-term operating leases representative of an interest factor 103,199 96,026 91,356 84,161 80,313 ---------- ---------- ---------- ---------- ---------- Total Fixed Charges $ 154,220 $ 144,637 $ 138,432 $ 132,293 $ 116,689 ========== ========== ========== ========== ========== Ratio of Earnings to Fixed Charges 0.89 1.22 0.28 0.48 0.66 ========== ========== ========== ========== ========== Coverage deficiency $ 17,451 - $ 99,453 $ 69,114 $ 39,853 ========== ========== ========== ========== ==========