EX-12.1 8 exhibit121ratioofearningst.htm EXHIBIT 12.1 Exhibit 12.1 Ratio of Earnings to Fixed Charges_2014
Exhibit 12.1


JETBLUE AIRWAYS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
 
 
 
Year Ended
December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
 
 
 
 
 
 
 
 
 
  Income before income taxes (a)
 
$
623

 
$
279

 
$
209

 
$
145

 
$
161

  Less: Capitalized interest
 
(14
)
 
(13
)
 
(8
)
 
(5
)
 
(4
)
  Add:
 
 
 
 
 
 
 
 
 
 
    Fixed charges
 
237

 
255

 
270

 
273

 
272

    Amortization of capitalized interest
 
4

 
3

 
2

 
2

 
2

       Adjusted earnings
 
$
850

 
$
524

 
$
473

 
$
415

 
$
431

Fixed charges:
 
 
 
 
 
 
 
 
 
 
  Interest expense
 
$
142

 
$
154

 
$
167

 
$
171

 
$
172

  Amortization of debt costs
 
6

 
8

 
9

 
8

 
8

  Rent expense representative of interest
 
89

 
93

 
94

 
94

 
92

      Total fixed charges
 
$
237

 
$
255

 
$
270

 
$
273

 
$
272

Ratio of earnings to fixed charges (a)
 
3.59

 
2.05

 
1.75

 
1.52

 
1.59


(a)
Excluding the $241 million gain on the sale of LiveTV in 2014 would result in a ratio of earnings to fixed charges of 2.57.