Air Lease (AL) 10-K 2017 FY Annual report

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended
	December 31,
(in thousands, except ratio)	2017		2016		2015		2014		2013
Earnings:
Net income	$	756,152	$	374,925	$	253,391	$	255,998	$	190,411
Add:
Provision for income taxes		(146,622)		205,313		139,562		138,778		103,031
Fixed charges		334,186		327,814		306,937		263,982		225,740
Less:
Capitalized interest		(46,049)		(40,883)		(40,118)		(42,775)		(32,659)
Earnings as adjusted (A)	$	897,667	$	867,169	$	659,772	$	615,983	$	486,523
Fixed charges
Interest expense	$	287,371	$	286,201	$	266,144	$	220,590	$	192,370
Capitalized interest		46,049		40,883		40,118		42,775		32,659
Interest factors of rents(1)		766		730		675		617		711
Fixed charges as adjusted (B)	$	334,186	$	327,814	$	306,937	$	263,982	$	225,740
Ratio of earnings (loss) to fixed charges ((A) divided by (B))		2.69		2.65		2.15		2.33		2.16

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