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EX-31.1 - EXHIBIT 31.1 - HAWAIIAN HOLDINGS INCex311q22018.htm
EX-32.2 - EXHIBIT 32.2 - HAWAIIAN HOLDINGS INCex322q22018.htm
EX-32.1 - EXHIBIT 32.1 - HAWAIIAN HOLDINGS INCex321q22018.htm
EX-31.2 - EXHIBIT 31.2 - HAWAIIAN HOLDINGS INCex312q22018.htm
10-Q - 10-Q - HAWAIIAN HOLDINGS INCha-06302018x10q.htm


Exhibit 12

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

 
 
Six Months Ended June 30,
 
Years Ended December 31,
 
 
2018
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
(in thousands, except ratio of earnings to fixed charges)
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes(a)
$
142,882

 
$
390,821

 
$
361,219

 
$
295,688

 
$
113,447

 
$
86,410

 
Total fixed charges (see below)
33,867

 
75,980

 
88,433

 
104,652

 
112,443

 
96,459

 
Interest capitalized
(4,593
)
 
(8,437
)
 
(2,651
)
 
(3,261
)
 
(8,024
)
 
(12,625
)
Earnings as adjusted
$
172,156

 
$
458,364

 
$
447,001

 
$
397,079

 
$
217,866

 
$
170,244

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest and amortization of debt discount and issuance costs
$
16,182

 
$
30,901

 
$
36,612

 
$
55,678

 
$
64,240

 
$
50,453

 
Portion of rental expense representative of the interest factor
17,685

 
45,079

 
51,821

 
48,974

 
48,203

 
46,006

Total fixed charges
$
33,867

 
$
75,980

 
$
88,433

 
$
104,652

 
$
112,443

 
$
96,459

Ratio of earnings to fixed charges(b)
5.08

 
6.03

 
5.05

 
3.79

 
1.94

 
1.76

Coverage deficiency
$

 
$

 
$

 
$

 
$

 
$


(a)
The Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) and adjusted results from 2017 and 2016. Results from periods prior to 2016 have not been recast for the adoption of this standard. See Note 2 to the financial statements contained in Part I, Item 1 of this report for additional information.

(b)
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.