EXHIBIT 12.1
AMERICA WEST HOLDINGS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS EXCEPT RATIO OF EARNINGS TO FIXED CHARGES)
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||
June 30, 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||||
Computation of earnings: | ||||||||||||||||||||||||
Income (loss) before income taxes and extraordinary item | $ | 6,870 | $ | 57,534 | $ | (214,757 | ) | $ | (324,387 | ) | $ | 24,743 | $ | 206,150 | ||||||||||
Add: | ||||||||||||||||||||||||
Interest expense including amortization of debt expense | 39,174 | 79,665 | 72,445 | 27,456 | 16,193 | 23,387 | ||||||||||||||||||
Interest portion of rent expense | 69,633 | 135,592 | 136,455 | 152,392 | 142,252 | 121,722 | ||||||||||||||||||
Income (loss), as adjusted | $ | 115,677 | $ | 272,791 | $ | (5,857 | ) | $ | (144,539 | ) | $ | 183,188 | $ | 351,259 | ||||||||||
Computation of fixed charges: | ||||||||||||||||||||||||
Interest expense including amortization of debt expense | $ | 39,174 | $ | 79,665 | $ | 72,445 | $ | 27,456 | $ | 16,193 | $ | 23,387 | ||||||||||||
Interest portion of rent expense | 69,633 | 135,592 | 136,455 | 152,392 | 142,252 | 121,722 | ||||||||||||||||||
Capitalized interest | 920 | 1,562 | 2,958 | 12,509 | 9,026 | 6,100 | ||||||||||||||||||
Fixed charges | $ | 109,727 | $ | 216,819 | $ | 211,858 | $ | 192,357 | $ | 167,471 | $ | 151,209 | ||||||||||||
Ratio of earnings to fixed charges(1)(2) | 1.05 | 1.26 | — | — | 1.09 | 2.32 |
(1) | For the purpose of computing the ratio of earnings to fixed charges, “earnings” consist of income (loss) before income taxes and extraordinary item plus fixed charges less capitalized interest. “Fixed charges” consist of interest expense including amortization of debt expense, one-third of rent expense, which is deemed to be representative of an interest factor, and capitalized interest. |
(2) | Earnings for the year ended December 31, 2002 and 2001 were inadequate to cover fixed charges by $217.7 million and $336.9 million, respectively. |