EX-12 11 a2207106zex-12.htm EX-12
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Exhibit 12

Hawaiian Holdings, Inc
Computation of Ratio of Earnings to Fixed Charges

 
   Year ended December 31,  
 
   2007   2008   2009   2010   2011  
 
   (in thousands, except for ratio)
  

Earnings

                                

Income (loss) before income taxes

   $ (2,071 ) $ 53,209   $ 97,196   $ 81,989   $ (1,082 )

Additions:

                                

Total fixed charges (see below)

     65,238     63,574     66,147     68,034     71,536  

Subtractions:

                                

Interest capitalized

     1,309     —     —     2,665     7,771  
                       

Earnings as adjusted

   $ 61,858   $ 116,783   $ 163,343   $ 147,358   $ 62,683  
                       

Fixed Charges:

                                

Interest on indebtedness, expensed or capitalized

   $ 24,035   $ 19,289   $ 19,378   $ 15,703   $ 20,991  

Amortization of debt expense and accretion of convertible debt

     1,475     1,367     1,275     1,132     3,530  

Portion of rental expense representative of the interest factor(1)

     39,728     42,918     45,494     51,199     47,015  
                       

Total fixed charges

   $ 65,238   $ 63,574   $ 66,147   $ 68,034   $ 71,536  
                       

Ratio of earnings to fixed charges

     —     1.84     2.47     2.17     —  
                       

Coverage deficiency

   $ 3,380   $ —   $ —   $ —   $ 8,853  
                       
(1)
Represents a percentage of total rent expense. We used 35% for the years 2007 through 2010 and 30% for 2011, which we believe is a reasonable estimate of the interest component of rent expense.



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