EXHIBIT 12.1
AERCAP HOLDINGS N.V. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF RATIOS
(U.S. dollars in thousands, except ratio amounts)
|
| Year Ended December 31, |
| Six Months |
| ||||||||
Fixed charges |
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| 2014 |
| 30, 2015 |
|
Interest expense |
| 233,985 |
| 292,486 |
| 286,019 |
| 226,329 |
| 780,349 |
| 542,619 |
|
Capitalized interest |
| 7,978 |
| 4,439 |
| 2,616 |
| 7,455 |
| 80,328 |
| 30,939 |
|
Portion of rent expense representative of interest |
| 762 |
| 732 |
| 698 |
| 712 |
| 4,597 |
| 3,338 |
|
Total fixed charges |
| 242,725 |
| 297,657 |
| 289,333 |
| 234,496 |
| 865,274 |
| 576,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income tax |
| 258,226 |
| 230,051 |
| 154,879 |
| 310,791 |
| 916,898 |
| 709,890 |
|
Distributed income from equity investees |
| — |
| — |
| 1,848 |
| 4,324 |
| 25,158 |
| (333 | ) |
Fixed charged from above |
| 242,725 |
| 297,657 |
| 289,333 |
| 234,496 |
| 865,274 |
| 576,896 |
|
Less capitalized interest from above |
| (7,978 | ) | (4,439 | ) | (2,616 | ) | (7,455 | ) | (80,328 | ) | (30,939 | ) |
Amortization of capitalized interest |
| 2,055 |
| 2,467 |
| 2,743 |
| 2,838 |
| 3,010 |
| 1,805 |
|
Earnings (as defined) |
| 495,028 |
| 525,736 |
| 446,187 |
| 544,994 |
| 1,730,012 |
| 1,257,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
| 2.04 |
| 1.77 |
| 1.54 |
| 2.32 |
| 2.00 |
| 2.18 |
|