EX-12 3 ex-12_11090.htm CALC. OF RATIOS OF EARNINGS TO FIXED CHARGES WWW.EXFILE.COM - 11090 - ALASKA AIR GROUP, INC. FORM 10-K EXHIBIT 12

EXHIBIT 12


Alaska Air Group, Inc.
Calculation of Ratio of Earnings to Fixed Charges
(In thousands, except ratios)

 
   2001
   2000
   1999
   1998
   1997
  
Earnings:                                
Income before income tax expense   $ (57,500 ) $ (15,700 ) $ 220,700   $ 204,400   $ 123,600  

Less: Capitalized interest
 
 
(8,100
)
 
(15,500
)
 
(10,200
)
 
(6,600
)
 
(5,300
)
Add:                                
Interest on indebtedness     47,400     36,000     16,300     21,200     33,600  
Amortization of debt expense     703     330     440     682     685  
Portion of rent under long-term
  operating leases representative
  of an interest factor		     84,661     80,680     81,437     80,547     72,900  
   
 
 
 
 
 
Earnings Available for Fixed Charges   $ 67,164   $ 85,810   $ 308,677   $ 300,229   $ 225,485  
   
 
 
 
 
 
Fixed Charges:                                
Interest     47,400     36,000     16,300     21,200     33,600  
Amortization of debt expense     703     330     440     682     685  
Portion of rent under long-term
  operating leases representative
  of an interest factor		     84,661     80,680     81,437     80,547     72,900  
   
 
 
 
 
 
Total Fixed Charges   $ 132,764   $ 117,010   $ 98,177   $ 102,429   $ 107,185  
   
 
 
 
 
 
Ratio of Earnings to Fixed Charges     0.51     0.73     3.14     2.93     2.10  
   
 
 
 
 
 
Coverage deficiency   $ 65,600   $ 31,200     —     —     —