EX-12.0 2 exhibit12.htm EXHIBIT Exhibit 12


Exhibit 12

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



 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
2014
 
2013
 
2014
 
2013
 
 
 
(in thousands, except ratio of earnings to fixed charges)
Earnings
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
44,979

 
$
18,215

 
$
36,687

 
$
(9,164
)
 
Total fixed charges (see below)
 
27,450

 
23,863

 
53,741

 
46,262

 
Interest capitalized
 
(1,974
)
 
(2,891
)
 
(4,750
)
 
(6,331
)
Earnings as adjusted
 
$
70,455

 
$
39,187

 
$
85,678

 
$
30,767

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest and amortization of debt discounts and issuance costs
 
$
15,997

 
$
12,163

 
$
31,007

 
$
23,540

 
Portion of rental expense representative of the interest factor
 
11,453

 
11,700

 
22,734

 
22,722

Total fixed charges
 
$
27,450

 
$
23,863

 
$
53,741

 
$
46,262

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.57

 
1.64

 
1.59

 
 N/A

 
 
 
 
 
 
 
 
 
 
Coverage deficiency
 
$
—

 
$
—

 
$
—

 
$
15,495


N/A
Not applicable, as earnings are inadequate to cover fixed charges.