Willis Lease Finance (WLFC) 10-K 2011 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

(In thousands, except ratios)

	Years Ended December 31,
	2011		2010		2009		2008		2007
Earnings:
Earnings from continuing operations before income taxes	$	23,885	$	18,571	$	31,445	$	41,202	$	27,033
Fixed charges		35,469		41,186		36,236		38,860		38,157
Cash distributions from equity method investments		810		949		675		690		975
Total earnings	$	60,164	$	60,706	$	68,356	$	80,752	$	66,165
Fixed charges:
Interest expense	$	35,201	$	40,945	$	36,013	$	38,640	$	37,940
Estimated interest expense within rental expense(1)		268		241		223		220		217
Total fixed charges	$	35,469	$	41,186	$	36,236	$	38,860	$	38,157
Preferred stock dividend (2)		5,153		5,111		4,527		4,942		4,911
Total fixed charges and preferred stock dividends	$	40,622	$	46,297	$	40,763	$	43,802	$	43,068
Ratio of earnings to fixed charges		1.70		1.47		1.89		2.08		1.73
Ratio of earnings to fixed charges and preferred stock dividends		1.48		1.31		1.68		1.84		1.54

(1) Represents an estimate of the interest within rental expense. 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 expense for each of the years ended, as indicated above.

(2) Represents pre-tax earnings required to pay preferred stock dividends.