Air Lease (AL) 10-Q 2013 Q2 Quarterly report

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Six Months EndedJune 30,
(In thousands, except ratios)	2013			2012
	(unaudited)
Earnings:
Net income	$	82,986		$	55,099
Add:
Provision for income taxes	44,997			30,395
Fixed charges	109,582			72,039
Less:
Capitalized interest	(14,887		)	(8,631		)
Earnings as adjusted (A)	$	222,678		$	148,902
Fixed charges:
Interest expense	$	94,257		$	63,018
Capitalized interest	14,887			8,631
Interest factors of rents (1)	438			390
Fixed charges as adjusted (B)	$	109,582		$	72,039
Ratio of earnings to fixed charges ((A) divided by (B))	2.03			2.07

(1)    Estimated to be 1/3 of rent expense.