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Exhibit 12.1
 

 
REPUBLIC AIRWAYS HOLDINGS INC.
 
STATEMENT REGARDING COMPUTATION OF
RATIOS OF EARNINGS TO FIXED CHARGES
 
The following table sets forth our ratio of earnings to fixed charges for the periods indicated.  For purposes of the table, “earnings” represent consolidated net income (loss) before income taxes, minority interest, discontinued operations, extraordinary gain (loss), cumulative effect of accounting change and fixed charges, as defined below.
 
 
                                 
Six Months
  
         
Year Ended December 31,
          
Ended
  
                                 
June 30,
  
   
2005
    
2006
    
2007
    
2008
    
2009
    
2010
  
Earnings(1)
                                    
Pretax income (loss) from continuing operations
   $ 100,175     $ 131,409     $ 133,968     $ 137,415     $ 136,190     $ (53,659 )
Add back:
                                                
Fixed charges
     104,313       140,536       173,860       201,164       223,481       138,438  
Earnings as adjusted
   $ 204,488     $ 271,945     $ 307,828     $ 338,579     $ 359,671     $ 84,779  
                                                 
Fixed charges(2)
                                                
Interest expense
   $ 63,546     $ 91,128     $ 107,323     $ 131,856     $ 144,994     $ 77,627  
Capitalized interest
     1,904       2,021       4,056       2,205       100       -  
Estimate of the interest within rent expense
     38,863       47,387       62,481       67,103       78,387       60,811  
Total fixed charges
   $ 104,313     $ 140,536     $ 173,860     $ 201,164     $ 223,481     $ 138,438  
                                                 
Ratio of earnings to fixed charges(3)
     1.96       1.94       1.77       1.68       1.61       0.61  
 
 
(1)
Earnings include income (loss) from continuing operations before income taxes plus fixed charges.
 
(2)
Fixed charges include interest expense incurred and the estimated interest component of operating leases.
 
(3)
During the six months ended June 30, 2010 our ratio of earnings to fixed charges is less than 1.0. The dollar amount of the deficiency was approximately $53.7 million.