Exhibit 12.1
REPUBLIC AIRWAYS HOLDINGS INC.
STATEMENT REGARDING COMPUTATION OF
RATIOS OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated. For purposes of the table, “earnings” represent consolidated net income (loss) before income taxes, minority interest, discontinued operations, extraordinary gain (loss), cumulative effect of accounting change and fixed charges, as defined below.
| | | | | | | | | | | | | | | | | | Six Months | |
| | | | | | Year Ended December 31, | | | | | | Ended | |
| | | | | | | | | | | | | | | | | | June 30, | |
| | | 2005 | | | 2006 | | | 2007 | | | 2008 | | | 2009 | | | 2010 | |
Earnings(1) | | | | | | | | | | | | | | | | | | |
| Pretax income (loss) from continuing operations | | $ | 100,175 | | | $ | 131,409 | | | $ | 133,968 | | | $ | 137,415 | | | $ | 136,190 | | | $ | (53,659 | ) |
| Add back: | | | | | | | | | | | | | | | | | | | | | | | | |
| Fixed charges | | | 104,313 | | | | 140,536 | | | | 173,860 | | | | 201,164 | | | | 223,481 | | | | 138,438 | |
| Earnings as adjusted | | $ | 204,488 | | | $ | 271,945 | | | $ | 307,828 | | | $ | 338,579 | | | $ | 359,671 | | | $ | 84,779 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed charges(2) | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest expense | | $ | 63,546 | | | $ | 91,128 | | | $ | 107,323 | | | $ | 131,856 | | | $ | 144,994 | | | $ | 77,627 | |
| Capitalized interest | | | 1,904 | | | | 2,021 | | | | 4,056 | | | | 2,205 | | | | 100 | | | | - | |
| Estimate of the interest within rent expense | | | 38,863 | | | | 47,387 | | | | 62,481 | | | | 67,103 | | | | 78,387 | | | | 60,811 | |
| Total fixed charges | | $ | 104,313 | | | $ | 140,536 | | | $ | 173,860 | | | $ | 201,164 | | | $ | 223,481 | | | $ | 138,438 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges(3) | | | 1.96 | | | | 1.94 | | | | 1.77 | | | | 1.68 | | | | 1.61 | | | | 0.61 | |
| (1) | Earnings include income (loss) from continuing operations before income taxes plus fixed charges. |
| (2) | Fixed charges include interest expense incurred and the estimated interest component of operating leases. |
| (3) | During the six months ended June 30, 2010 our ratio of earnings to fixed charges is less than 1.0. The dollar amount of the deficiency was approximately $53.7 million. |
