Exhibit 12.1
AIRCASTLE LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| Year Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 112,166 | $ | 216,577 | $ | 172,206 | $ | 182,802 | $ | 211,046 | $ | 50,237 | ||||||||||||
Capitalized interest | 7,267 | 5,737 | 1,457 | 4,127 | 6,506 | 1,085 | ||||||||||||||||||
Portion of rent expense representative of interest | 296 | 436 | 412 | 367 | 381 | 74 | ||||||||||||||||||
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Total fixed charges | $ | 119,729 | $ | 222,750 | $ | 174,075 | $ | 187,296 | $ | 217,933 | $ | 51,396 | ||||||||||||
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Earnings: | ||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 122,061 | $ | 122,832 | $ | 111,152 | $ | 72,412 | $ | 132,102 | $ | 35,531 | ||||||||||||
Fixed charges from above | 119,729 | 222,750 | 174,075 | 187,296 | 217,933 | 51,396 | ||||||||||||||||||
Less capitalized interest from above | (7,267 | ) | (5,737 | ) | (1,457 | ) | (4,127 | ) | (6,506 | ) | (1,085 | ) | ||||||||||||
Amortization of capitalized interest | — | 283 | 384 | 397 | 597 | 200 | ||||||||||||||||||
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Earnings (as defined) | $ | 234,523 | $ | 340,128 | $ | 284,154 | $ | 255,978 | $ | 344,126 | $ | 86,042 | ||||||||||||
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Ratio of earnings to fixed charges | 1.96x | 1.63x | 1.63x | 1.37x | 1.58x | 1.67x | ||||||||||||||||||
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