Hawaiian (HA) 10-Q 2016 Q3 Quarterly report

Exhibit 12

Hawaiian Holdings, Inc.

Computation of Ratio of Earnings to Fixed Charges

		Nine Months Ended September 30,			Years Ended December 31,
		2016			2015			2014			2013			2012			2011
		(in thousands, except ratio of earnings to fixed charges)
Earnings:
	Income before income taxes	$	375,903		$	295,688		$	113,447		$	86,410		$	85,786		$	(1,082	)
	Total fixed charges (see below)	66,497			104,652			112,443			96,459			88,836			71,536
	Interest capitalized	(1,407		)	(3,261		)	(8,024		)	(12,625		)	(10,524		)	(7,771		)
Earnings as adjusted		$	440,993		$	397,079		$	217,866		$	170,244		$	164,098		$	62,683
Fixed Charges:
	Interest and amortization of debt discount and issuance cost	$	28,453		$	55,678		$	64,240		$	50,453		$	43,522		$	24,521
	Portion of rental expense representative of the interest factor	38,044			48,974			48,203			46,006			45,314			47,015
Total fixed charges		$	66,497		$	104,652		$	112,443		$	96,459		$	88,836		$	71,536
Ratio of earnings to fixed charges (a)		6.63			3.79			1.94			1.76			1.85			—
Coverage deficiency		$	—		$	—		$	—		$	—		$	—		$	8,853

(a) For purposes of calculating this ratio, earnings consist of income (loss) before income taxes plus fixed charges, net of capitalized interest. Fixed charges consist of interest expense, the amount amortized for debt discount and issuance cost, and the portion of rental expense representative of interest.