Exhibit 12.1
FLY LEASING LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
| For the year ended December 31, | For the six months ended June 30, | |||||||||||||||||||||||
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |||||||||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest expense(1) | $ | 80,925 | $ | 75,748 | $ | 90,547 | $ | 142,491 | $ | 120,399 | $ | 68,444 | ||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Net income before provision for income taxes | $ | 113,460 | $ | 62,874 | $ | 5,338 | $ | 51,531 | $ | 58,135 | $ | 28,886 | ||||||||||||
| Less equity earnings from unconsolidated subsidiaries | — | (2,901 | ) | (5,647 | ) | (9,383 | ) | (1,871 | ) | (1,741 | ) | |||||||||||||
| Add: | ||||||||||||||||||||||||
| Distributions of income received from unconsolidated subsidiaries | — | 916 | 4,761 | 6,269 | — | 4,786 | ||||||||||||||||||
| Fixed charges per above | 80,925 | 75,748 | 90,547 | 142,491 | 120,399 | 68,444 | ||||||||||||||||||
| Total earnings | $ | 194,385 | $ | 136,637 | $ | 94,999 | $ | 190,908 | $ | 176,663 | $ | 100,375 | ||||||||||||
| Ratio of earnings to fixed charges | 2.40:1 | 1.80:1 | 1.05:1 | 1.34:1 | 1.47:1 | 1.47:1 | ||||||||||||||||||
| (1) | Interest expense includes amortization of debt discounts and loan issuance costs related to indebtedness. |
