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, 2015 | |||||||||||||||||||||||
2010 | 2011 | 2012 | 2013 | 2014 | ||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 182,802 | $ | 211,046 | $ | 224,720 | $ | 243,757 | $ | 238,378 | $ | 62,131 | ||||||||||||
Capitalized interest | 4,127 | 6,506 | 1,315 | — | — | — | ||||||||||||||||||
Portion of rent expense representative of interest | 367 | 381 | 307 | 404 | 372 | 92 | ||||||||||||||||||
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Total fixed charges | $ | 187,296 | $ | 217,933 | $ | 226,342 | $ | 244,161 | $ | 238,750 | $ | 62,223 | ||||||||||||
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Earnings: | ||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 72,412 | $ | 132,102 | $ | 40,713 | $ | 38,943 | $ | 111,637 | $ | 46,691 | ||||||||||||
Fixed charges from above | 187,296 | 217,933 | 226,342 | 244,161 | 238,750 | 62,223 | ||||||||||||||||||
Less capitalized interest from above | (4,127 | ) | (6,506 | ) | (1,315 | ) | — | — | — | |||||||||||||||
Amortization of capitalized interest | 397 | 597 | 800 | 800 | 800 | 200 | ||||||||||||||||||
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Earnings (as defined) | $ | 255,978 | $ | 344,126 | $ | 266,540 | $ | 283,904 | $ | 351,187 | $ | 109,114 | ||||||||||||
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Ratio of earnings to fixed charges | 1.37x | 1.58x | 1.18x | 1.16x | 1.47x | 1.75x | ||||||||||||||||||
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