EX-12 2 exhibit12-q1201510qa.htm EXHIBIT 12 Exhibit 12-Q1 2015 10Q/A


Exhibit 12

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


 
 
 
Three Months Ended March 31,
 
 
 
2015
 
2014
 
 
 
(in thousands, except ratio of earnings to fixed charges)
Earnings
 
 
 
 
 
Income (loss) before income taxes
 
$
41,999

 
$
(8,292
)
 
Total fixed charges (see below)
 
28,333

 
26,290

 
Interest capitalized
 
(1,293
)
 
(2,776
)
Earnings as adjusted
 
$
69,039

 
$
15,222

 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
Interest and amortization of debt discounts and issuance costs
 
$
15,518

 
$
15,010

 
Portion of rental expense representative of the interest factor
 
12,815

 
11,280

Total fixed charges
 
$
28,333

 
$
26,290

 
 
 
 
 
 
Ratio of earnings to fixed charges (a)
 
2.44

 
—

 
 
 
 
 
 
Coverage deficiency
 
$
—

 
$
11,068

 
 
 
 
 
 

(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.