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Content analysis
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H.S. sophomore Good
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Exhibit 12
Hawaiian Holdings, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
|
| Three Months Ended March 31, |
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|
| 2013 |
| 2012 |
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|
| (in thousands, except for ratio) |
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Earnings |
|
|
|
|
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Income (loss) before income taxes |
| $ | (27,379 | ) | $ | 11,859 |
|
|
|
|
|
|
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Additions: |
|
|
|
|
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Total fixed charges (see below) |
| 22,779 |
| 19,784 |
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|
|
|
|
|
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Subtractions: |
|
|
|
|
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Interest capitalized |
| 3,440 |
| 2,573 |
| ||
|
|
|
|
|
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Earnings as adjusted |
| $ | (8,040 | ) | $ | 29,070 |
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|
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Fixed Charges: |
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|
|
|
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Interest on indebtedness, expensed or capitalized |
| $ | 10,021 |
| $ | 7,901 |
|
Amortization of debt discount and accretion of convertible debt |
| 1,356 |
| 1,147 |
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Portion of rental expense representative of the interest factor |
| 11,402 |
| 10,736 |
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|
|
|
|
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Total fixed charges |
| $ | 22,779 |
| $ | 19,784 |
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Ratio of earnings to fixed charges (a) |
| N/A |
| 1.47 |
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Coverage deficiency |
| $ | 30,819 |
| $ | — |
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(a) For purposes of calculating this ratio, earnings consist of income before income taxes plus fixed charges, net of capitalized interest. Fixed charges consist of interest expense, the amount amortized for debt discount, and the portion of rental expense representative of interest expense. For the three months ended March 31, 2013, earnings were inadequate to cover fixed charges and the coverage deficiency was $30.8 million.
N/A Not applicable, as earnings are inadequate to cover fixed charges.