Evergreen Aircraft Sales & Leasing S-4/A Registration of securities issued in business combination transactions (amended)

EXHIBIT 12.1 

	For the years ended February 28, 2003											For the six months ended
	2003		2002			2001		2000		1999		August 31, 2003
	(in thousands)
Pre-tax income (loss) from continuing operations before adjustment for minority interests and extraordinary items	$	52,573	$	(17,975	)	$	37,259	$	12,006	$	26,953	$	12,482
Fixed charges:
Interest expense		30,576		34,297			46,461		41,444		42,852		8,715
Amortized debt issuance costs		4,104		4,480			4,627		4,430		5,040		746
Rental expense—33%		11,049		9,583			4,099		6,689		5,617		2,999
Total fixed charges	$	45,729	$	48,360		$	55,187	$	52,563	$	53,509	$	12,460
Pre-tax income (loss) from continuing operations before adjustment for minority interests and extraordinary items plus fixed charges	$	98,302	$	30,385		$	92,446	$	64,569	$	80,462	$	24,942
Ratio of earnings to fixed charges		2.2		(a	)		1.7		1.2		1.5		2.0

(a) Due to the registrant’s loss in fiscal 2002, the ratio of coverage was less than 1:1. The registrant must generate additional earnings of $17,975 to achieve coverage of 1:1.

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