QuickLinks -- Click here to rapidly navigate through this document
JETBLUE AIRWAYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
| Year Ended December 31, | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||
Earnings: | |||||||||||||||||||
Income (loss) before income taxes | $ | 175,439 | $ | 95,024 | $ | 41,915 | $ | (21,569 | ) | $ | (13,531 | ) | |||||||
Less: Capitalized interest | (5,203 | ) | (5,325 | ) | (8,043 | ) | (4,487 | ) | (705 | ) | |||||||||
Add: | |||||||||||||||||||
Fixed charges | 78,829 | 53,126 | 39,329 | 17,978 | 1,059 | ||||||||||||||
Amortization of capitalized interest | 471 | 304 | 71 | 19 | — | ||||||||||||||
Adjusted earnings | $ | 249,536 | $ | 143,129 | $ | 73,272 | $ | (8,059 | ) | $ | (13,177 | ) | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 27,850 | $ | 20,339 | $ | 13,816 | $ | 7,328 | $ | 705 | |||||||||
Amortization of debt costs | 1,047 | 670 | 316 | 67 | — | ||||||||||||||
Rent expense representative of interest | 49,932 | 32,117 | 25,197 | 10,583 | 354 | ||||||||||||||
Total fixed charges | $ | 78,829 | $ | 53,126 | $ | 39,329 | $ | 17,978 | $ | 1,059 | |||||||||
Ratio of earnings to fixed charges(1) | 3.17 | 2.69 | 1.86 | — | — | ||||||||||||||
- (1)
- Earnings were inadequate to cover fixed charges by $26.0 million, and $14.2 million for the years ended December 31, 2000 and 1999, respectively.
JETBLUE AIRWAYS CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (in thousands, except ratios)