Willis Lease Finance (WLFC) 10-K 2008 FY Annual report

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,
	2004		2005		2006		2007		2008
Earnings
Pretax income from continuing operations	4,541		4,694		26,963		27,733		41,999
Preferred dividends	—		—		2,945		3,128		3,128
Fixed Charges
Interest expense	16,350		24,514		31,610		37,940		38,640
Estimated interest expense within rental expense (1)	165		181		207		217		220
Total fixed charges and Preferred dividends	16,515		24,695		34,762		41,285		41,988
Earnings Before Fixed Charges and Preferred Dividends	$	21,056	$	29,389	$	61,725	$	69,018	$	83,987
Ratio of Earnings to Fixed Charges and Preferred Dividends and Distributions	1.27		1.19		1.78		1.67		2.00

(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.