EXHIBIT 12.1
AERCAP HOLDINGS N.V. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF RATIOS
(U.S. dollar amounts in thousands, except ratio amounts)
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| Three Months |
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| Year Ended December 31, |
| Ended March |
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Fixed charges |
| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| 31, 2017 |
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Interest expense |
| 286,019 |
| 226,329 |
| 780,349 |
| 1,099,884 |
| 1,091,861 |
| 285,678 |
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Capitalized interest |
| 2,616 |
| 7,455 |
| 80,328 |
| 79,230 |
| 107,688 |
| 27,321 |
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Portion of rent expense representative of interest |
| 698 |
| 712 |
| 4,597 |
| 5,754 |
| 4,465 |
| 1,003 |
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Total fixed charges |
| 289,333 |
| 234,496 |
| 865,274 |
| 1,184,868 |
| 1,204,014 |
| 314,002 |
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Earnings: |
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Income from continuing operations before income tax |
| 154,879 |
| 310,791 |
| 916,898 |
| 1,365,699 |
| 1,200,396 |
| 296,841 |
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Distributed income from equity investees |
| 1,848 |
| 4,324 |
| 25,158 |
| 2,652 |
| 9,136 |
| — |
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Fixed charged from above |
| 289,333 |
| 234,496 |
| 865,274 |
| 1,184,868 |
| 1,204,014 |
| 314,002 |
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Less capitalized interest from above |
| (2,616 | ) | (7,455 | ) | (80,328 | ) | (79,230 | ) | (107,688 | ) | (27,321 | ) |
Amortization of capitalized interest |
| 2,743 |
| 2,838 |
| 3,010 |
| 4,647 |
| 8,757 |
| 2,423 |
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Earnings (as defined) |
| 446,187 |
| 544,994 |
| 1,730,012 |
| 2,478,636 |
| 2,314,615 |
| 585,945 |
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Ratio of earnings to fixed charges |
| 1.54 |
| 2.32 |
| 2.00 |
| 2.09 |
| 1.92 |
| 1.87 |
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