75
Exhibit 12.1
Equipment Leasing Corporation of America
Statement re: Computation of Ratios
Fiscal Years Ended April 30,
1996 1995 1994 1993 1992
----------- ---------- ---------- ---------- ----------
Rent Expense $ 4,046 $ 3,899 $ 3,804 $ 3,754 $ 3,737
x.30 (A) x.3 x.3 x.3 x.3 x.3
---------- ---------- ---------- ---------- ----------
Assumed Fixed Charges
Included in Rent Expense 1,214 1,170 1,141 1,126 1,121
Preferred Dividend
Requirements --- --- --- --- ---
Interest Expense (B) 1,446,802 1,380,989 1,626,408 1,380,546 1,060,579
---------- ---------- ---------- ---------- ----------
Total Fixed Charges 1,448,016 1,382,159 1,627,549 1,381,672 1,061,700
Plus: Pre-Tax Income (Loss) (712,621) (654,005) (292,161) 158,415 338,355
----------- ---------- ---------- ---------- ----------
Pre-Tax Income (Loss) Plus
Fixed Charges $ 735,395 $ 728,154 $1,335,388 $1,540,087 $1,400,055
Pre-Tax Income (Loss) Plus ----------- ---------- ---------- ---------- ----------
Fixed Charges divided
by Fixed Charges (rounded) .51 .53 .82 1.11 1.32
<FN>
(A) Assumed percentage of interest included in rental expense.
(B) ELCOA's amortization of deferred registration costs related to its offer and sale of Demand, Fixed Rate, and Money
Market Thrift Certificates are also included in the amounts of $64,380, $66,498 $63,370, $60,000, and $52,411 for the
fiscal years ended April 30, 1996, 1995, 1994, 1993, and 1992, respectively.