International Lease Finance F-3ASR Automatic shelf registration (foreign)

QuickLinks -- Click here to rapidly navigate through this document

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,
Fixed charges	2010			2011			2012			2013			2014			Q1 2015
Interest expense		233,985			292,486			286,019			226,329			780,349			287,605
Capitalized interest		7,978			4,439			2,616			7,455			80,328			5,395
Portion of rent expense representative of interest		762			732			698			712			4,597			1,840
Total fixed charges		242,725			297,657			289,333			234,496			865,274			294,840
Earnings:
Income from continuing operations before income tax		258,226			230,051			154,879			310,791			916,898			355,492
Distributed income from equity investees		—			—			1,848			4,324			25,158			—
Fixed charged from above		242,725			297,657			289,333			234,496			865,274			294,840
Less capitalized interest from above		(7,978	)		(4,439	)		(2,616	)		(7,455	)		(80,328	)		(5,395	)
Amortization of capitalized interest		2,055			2,467			2,743			2,838			3,010			838
Earnings (as defined)		495,028			525,736			446,187			544,994			1,730,012			645,775
Ratio of earnings to fixed charges		2.04			1.77			1.54			2.32			2.00			2.19

QuickLinks

EXHIBIT 12.1