Hawaiian (HA) 10-Q2017 Q1 Quarterly report

Filed: 21 Apr 17, 12:00am

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New words: accrual, accurately, adequate, allocate, ancillary, attract, authorization, automated, bag, beverage, breakage, Classification, compensation, competitive, coverage, cyclical, description, discrete, expansion, expire, fee, food, ground, growth, half, handling, Haneda, hangar, Hawaii, health, Honolulu, implementation, inflow, infrastructure, introduction, Japan, key, Kona, macroeconomic, maintain, mutual, notice, ongoing, personnel, pertinent, pilot, political, privacy, provision, qualified, ratification, ratified, recently, reconciling, recoverable, redemption, reduce, reduced, reduction, reliance, rendered, retain, retroactively, section, similarly, specifically, strategy, subtotal, successful, tentative, titled, tourism, travel, true, unflown, unused, vacation

Removed: acquire, assignment, core, customer, dated, declare, decreased, deduction, directly, dividend, earlier, expedient, extinguished, final, Guaranty, indirectly, January, leaseback, lower, loyalty, made, mature, maturity, noncurrent, originally, practical, pursuant, readily, redeem, retire, retrospectively, Simplifying, spent, thousand, unamortized

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Exhibit 12

Hawaiian Holdings, Inc.

Computation of Ratio of Earnings to Fixed Charges



		Three Months Ended March 31,			Years Ended December 31,
		2017			2016			2015			2014			2013			2012
		(in thousands, except ratio of earnings to fixed charges)
Earnings:
	Income before income taxes	$	51,482		$	379,464		$	295,688		$	113,447		$	86,410		$	85,786
	Total fixed charges (see below)	21,937			88,433			104,652			112,443			96,459			88,836
	Interest capitalized	(1,760		)	(2,651		)	(3,261		)	(8,024		)	(12,625		)	(10,524		)
Earnings as adjusted		$	71,659		$	465,246		$	397,079		$	217,866		$	170,244		$	164,098

Fixed Charges:
	Interest and amortization of debt discount and issuance cost	$	8,003		$	36,612		$	55,678		$	64,240		$	50,453		$	43,522
	Portion of rental expense representative of the interest factor	13,934			51,821			48,974			48,203			46,006			45,314
Total fixed charges		$	21,937		$	88,433		$	104,652		$	112,443		$	96,459		$	88,836
Ratio of earnings to fixed charges (a)		3.27			5.26			3.79			1.94			1.76			1.85
Coverage deficiency		$	—		$	—		$	—		$	—		$	—		$	—


(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.