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Hawaiian Holdings, Inc
Computation of Ratio of Earnings to Fixed Charges
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Year ended December 31, | ||||||||||||||||
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2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||
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(in thousands, except for ratio) |
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Earnings |
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Income (loss) before income taxes |
$ | (41,010 | ) | $ | (2,071 | ) | $ | 53,209 | $ | 97,196 | $ | 81,989 | |||||
Additions: |
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Total fixed charges (see below) |
61,262 | 65,238 | 63,574 | 66,147 | 68,034 | ||||||||||||
Subtractions: |
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Interest capitalized |
3,769 | 1,309 | — | — | 2,665 | ||||||||||||
Earnings as adjusted |
$ | 16,483 | $ | 61,858 | $ | 116,783 | $ | 163,343 | $ | 147,358 | |||||||
Fixed Charges: |
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Interest on indebtedness, expensed or capitalized |
$ | 13,863 | $ | 24,035 | $ | 19,289 | $ | 19,378 | $ | 15,703 | |||||||
Amortization of debt expense and accretion of convertible debt |
3,613 | 1,475 | 1,367 | 1,275 | 1,132 | ||||||||||||
Portion of rental expense representative of the interest factor(1) |
43,786 | 39,728 | 42,918 | 45,494 | 51,199 | ||||||||||||
Total fixed charges |
$ | 61,262 | $ | 65,238 | $ | 63,574 | $ | 66,147 | $ | 68,034 | |||||||
Ratio of earnings to fixed charges |
— | — | 1.84 | 2.47 | 2.17 | ||||||||||||
Coverage deficiency |
$ | 44,779 | $ | 3,380 | $ | — | $ | — | $ | — | |||||||
- (1)
- Represents 35% of total rent expense which we believe is a reasonable estimate of the interest component of rent expense.
Hawaiian Holdings, Inc Computation of Ratio of Earnings to Fixed Charges