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New words:
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Exhibit 12.1
AIRCASTLE LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
Year Ended December 31, | ||||||||||||
2007 | 2008 | 2009 | ||||||||||
Fixed Charges: | ||||||||||||
Interest expense | $ | 112,166 | $ | 216,577 | $ | 172,206 | ||||||
Capitalized interest | 7,267 | 5,737 | 1,457 | |||||||||
Portion of rent expense representative of interest(a) | 296 | 436 | 412 | |||||||||
Total fixed charges | $ | 119,729 | $ | 222,750 | $ | 174,075 | ||||||
Earnings: | ||||||||||||
Income from continuing operations before income taxes | $ | 122,061 | $ | 122,832 | $ | 111,152 | ||||||
Fixed charges from above | 119,729 | 222,750 | 174,075 | |||||||||
Less capitalized interest from above | (7,267 | ) | (5,737 | ) | (1,457 | ) | ||||||
Amortization of capitalized interest | — | 283 | 384 | |||||||||
Earnings (as defined) | $ | 234,523 | $ | 340,128 | $ | 284,154 | ||||||
Ratio of earnings to fixed charges | 1.96 | 1.53 | 1.63 | |||||||||
(a) | Estimated to be 1/3 of rent expense, which we believe is an appropriate interest factor for operating leases. |