Exhibit 12.1
WILLIS LEASE FINANCE CORPORATION AND SUBSIDIARIES
Statement of Computation of Ratios of
Earnings to Fixed Charges and
Preferred Dividends and Distributions
(In thousands)
|
| Years Ended December 31, |
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| 2002 |
| 2003 |
| 2004 |
| 2005 |
| 2006 |
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Earnings |
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Pretax income from continuing operations |
| $ | 4,705 |
| $ | 7,186 |
| $ | 7,922 |
| $ | 5,535 |
| $ | 10,242 |
|
Preferred dividends |
| — |
| — |
| — |
| — |
| 2,945 |
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Fixed Charges |
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Interest expense |
| 16,262 |
| 14,957 |
| 16,350 |
| 24,514 |
| 31,610 |
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Estimated interest expense within rental expense(1) |
| 173 |
| 171 |
| 165 |
| 181 |
| 207 |
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Total fixed charges and Preferred dividends |
| 16,435 |
| 15,128 |
| 16,515 |
| 24,695 |
| 34,762 |
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Earnings Before Fixed Charges and Preferred Dividends |
| $ | 21,140 |
| $ | 22,314 |
| $ | 24,437 |
| $ | 30,230 |
| $ | 45,004 |
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Ratio of Earnings to Fixed Charges and Preferred Dividends and Distributions |
| 1.29 |
| 1.48 |
| 1.48 |
| 1.22 |
| 1.29 |
|
(1) All rental expense is derived from operating leases. There is no expressed interest expense within rental expense. Rather, the imputed interest expense within rental expense is calculated by multiplying by 30%, the office rent for each of the years ended, as indicated above.