JetBlue Airways (JBLU) 8-K Other Events

Exhibit 12.1

JETBLUE AIRWAYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)

	Year Ended December 31,
	2008			2007			2006			2005			2004
Earnings:
Income (loss) before income taxes	$	(90	)	$	31		$	(1	)	$	(31	)	$	75
Less: capitalized interest		(48	)		(43	)		(27	)		(16	)		(9	)
Add:
Fixed charges	$	354			342			273			179			113
Amortization of capitalized interest		2			1			1			1			1
Adjusted earnings	$	218		$	331		$	246		$	133		$	180
Fixed charges:
Interest expense	$	228		$	230		$	178		$	111		$	52
Amortization of debt costs		14			5			5			3			1
Rent expense representative of interest		112			107			90			65			60
Total fixed charges	$	354		$	342		$	273		$	179		$	113
Ratio of earnings to fixed charges (1)		—			—			—			—			1.59

(1) Earnings were inadequate to cover fixed charges by $136 million, $11 million, $27 million and $46 million for the years ended December 31, 2008, 2007, 2006 and 2005, respectively.