Exhibit 12.1
Atlas Air Worldwide Holdings, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock
(in thousands, except ratios)
(Unaudited)
For the Quarter Ended March 31, | For the Years Ended December 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income before income taxes | $ | 18,174 | $ | 156,989 | $ | 233,110 | $ | 124,096 | $ | 110,221 | $ | 132,735 | ||||||||||||
Distributed income of equity investees | — | 1,369 | — | — | 650 | — | ||||||||||||||||||
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Adjusted pre-tax earnings | 18,174 | 158,358 | 233,110 | 124,096 | 110,871 | 132,735 | ||||||||||||||||||
Add: | ||||||||||||||||||||||||
Total fixed charges from below | 27,996 | 99,819 | 94,412 | 98,388 | 106,261 | 100,568 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Capitalized interest, net of amortization | 5,938 | 27,452 | 16,373 | 12,215 | 11,282 | 4,489 | ||||||||||||||||||
Total fixed charges included in income before income taxes | 22,058 | 72,367 | 78,039 | 86,173 | 94,979 | 96,079 | ||||||||||||||||||
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Earnings before fixed charges | $ | 40,232 | $ | 230,725 | $ | 311,149 | $ | 210,269 | $ | 205,850 | $ | 228,814 | ||||||||||||
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Fixed charges | ||||||||||||||||||||||||
Interest expense, including capitalized interest | $ | 13,963 | $ | 42,120 | $ | 40,034 | $ | 44,731 | $ | 49,986 | $ | 44,732 | ||||||||||||
Portion of rentals representative of interest factor (a) | 14,033 | 57,699 | 54,378 | 53,657 | 56,275 | 55,836 | ||||||||||||||||||
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Total fixed charges (b) | $ | 27,996 | $ | 99,819 | $ | 94,412 | $ | 98,388 | $ | 106,261 | $ | 100,568 | ||||||||||||
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Ratio of earnings to fixed charges | 1.4 | 2.3 | 3.3 | 2.1 | 1.9 | 2.3 | ||||||||||||||||||
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Adjustment for preferred stock dividends | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
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Ratio of earnings to combined fixed charges and preferred stock (c ) | 1.4 | 2.3 | 3.3 | 2.1 | 1.9 | 2.3 | ||||||||||||||||||
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(a) Estimated interest component of operating rentals represents an appropriate portion of rentals representative of the interest factor for operating lease rentals. |
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(b) Interest expense includes amounts capitalized, amortization of debt expense and discounts / premiums relating to indebtedness and does not include interest on uncertain tax positions, which is included in income tax expense / (benefit). |
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(c) The ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges as there was no preferred stock outstanding. |
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