Exhibit 12.1
JETBLUE AIRWAYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)
| | Year Ended December 31, | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||
| Earnings: | |||||||||||||||||||
| Income before income taxes | $ | 76,822 | $ | 175,439 | $ | 95,024 | $ | 41,915 | $ | (21,569 | ) | ||||||||
| Less: capitalized interest | (8,874 | ) | (5,203 | ) | (5,325 | ) | (8,043 | ) | (4,487 | ) | |||||||||
| Add: | |||||||||||||||||||
| Fixed charges | 113,229 | 78,829 | 53,126 | 39,329 | 17,978 | ||||||||||||||
| Amortization of capitalized interest | 604 | 471 | 304 | 71 | 19 | ||||||||||||||
| Adjusted earnings | $ | 181,781 | $ | 249,536 | $ | 143,129 | $ | 73,272 | $ | (8,059 | ) | ||||||||
Fixed charges: | |||||||||||||||||||
| Interest expense | $ | 51,856 | $ | 27,850 | $ | 20,339 | $ | 13,816 | $ | 7,328 | |||||||||
| Amortization of debt costs | 1,622 | 1,047 | 670 | 316 | 67 | ||||||||||||||
| Rent expense representative of interest | 59,751 | 49,932 | 32,117 | 25,197 | 10,583 | ||||||||||||||
| Total fixed charges | $ | 113,229 | $ | 78,829 | $ | 53,126 | $ | 39,329 | $ | 17,978 | |||||||||
Ratio of earnings to fixed charges(1) | 1.61 | 3.17 | 2.69 | 1.86 | — | ||||||||||||||
