EXHIBIT 12
Alaska Air Group, Inc.
Calculation of Ratio of Earnings to Fixed Charges
(In thousands, except ratios)
1999 1998 1997 1996 1995
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Earnings:
Income before income tax expense $220,700 $204,400 $123,600 $64,349 $33,983
Less: Capitalized interest (10,200) (6,600) (5,300) (1,031) (208)
Add:
Interest on indebtedness 16,300 21,200 33,600 38,394 51,479
Amortization of debt expense 440 682 685 1,224 1,100
Portion of rent under long-term
operating leases representative
of an interest factor 81,437 80,547 72,900 71,562 67,295
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Earnings Available for Fixed Charges $308,677 $300,229 $225,485 $174,498 $153,649
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Fixed Charges:
Interest 16,300 21,200 33,600 38,394 51,479
Amortization of debt expense 440 682 685 1,224 1,100
Portion of rent under long-term
operating leases representative
of an interest factor 81,437 80,547 72,900 71,562 67,295
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Total Fixed Charges $98,177 $102,429 $107,185 $111,180 $119,874
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Ratio of Earnings to Fixed Charges 3.14 2.93 2.10 1.57 1.28
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