EX-12 13 exhibit122014.htm EXHIBIT 12 Exhibit 12 2014


Exhibit 12

Hawaiian Holdings, Inc.
Computation of Ratio of Earnings to Fixed Charges
 
 
Year ended December 31,
 
 
2010
 
2011
 
2012
 
2013
 
2014
 
 
(in thousands, except ratio of earnings to fixed charges)
Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
$
81,989

 
$
(1,082
)
 
$
85,786

 
$
86,410

 
$
113,447

 
Total fixed charges (see below)
68,034

 
71,536

 
88,836

 
96,459

 
112,443

 
Interest capitalized
(2,665
)
 
(7,771
)
 
(10,524
)
 
(12,625
)
 
(8,024
)
Earnings as adjusted
$
147,358

 
$
62,683

 
$
164,098

 
$
170,244

 
$
217,866

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest and amortization of debt discount and issuance cost
$
16,835

 
$
24,521

 
$
43,522

 
$
50,453

 
$
64,240

 
Portion of rental expense representative of the interest factor
51,199

 
47,015

 
45,314

 
46,006

 
48,203

Total fixed charges
$
68,034

 
$
71,536

 
$
88,836

 
$
96,459

 
$
112,443

Ratio of earnings to fixed charges (a)
2.17

 
—

 
1.85

 
1.76

 
1.94

Coverage deficiency
$
—

 
$
8,853

 
$
—

 
$
—

 
$
—



_______________________________________________________________________________
(a)
For purposes of calculating this ratio, earnings consist of income (loss) before income taxes plus fixed charges, net of capitalized interest. Fixed charges consist of interest expense, the amount amortized for debt discount and issuance cost, and the portion of rental expense representative of interest expense.