Hawaiian (HA) 10-K 2016 FY Annual report

Exhibit 12

Hawaiian Holdings, Inc.

Computation of Ratio of Earnings to Fixed Charges

		Year ended December 31,
		2012			2013			2014			2015			2016
		(in thousands, except ratio of earnings to fixed charges)
Earnings:
	Income (loss) before income taxes	$	85,786		$	86,410		$	113,477		$	295,688		$	379,464
	Total fixed charges (see below)	88,836			96,459			112,443			104,652			88,433
	Interest capitalized	(10,524		)	(12,625		)	(8,024		)	(3,261		)	(2,651		)
Earnings as adjusted		$	164,098		$	170,244		$	217,896		$	397,079		$	465,246
Fixed Charges:
	Interest and amortization of debt discount and issuance cost	$	43,522		$	50,453		$	64,240		$	55,678		$	36,612
	Portion of rental expense representative of the interest factor	45,314			46,006			48,203			48,974			51,821
Total fixed charges		$	88,836		$	96,459		$	112,443		$	104,652		$	88,433
Ratio of earnings to fixed charges (a)		1.85			1.76			1.94			3.79			5.26
Coverage deficiency		$	—		$	—		$	—		$	—		$	—

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(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 expense.