89
Exhibit 12.1
Equipment Leasing Corporation of America
Statement re: Computation of Ratios
Fiscal Years Ended April 30, Three Months Ended July 31,
1996 1995 1994 1993 1992 1996 1995
---------- ---------- ---------- ---------- ---------- ---------- ----------
Rent Expense $ 4,046 $ 3,899 $ 3,804 $ 3,754 $ 3,737 $ 1,009 $ 955
x.30 (A) x.3 x.3 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 1,121 303 287
Preferred Dividend Requirements --- --- --- --- --- --- ---
Interest Expense (B) 1,446,802 1,380,989 1,626,408 1,380,546 1,060,579 369,877 371,134
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Fixed Charges 1,448,016 1,382,159 1,627,549 1,381,672 1,061,700 370,180 371,421
Plus: Pre-Tax Income (Loss) (701,713) (481,794) (198,906) (226,801) 166,191 (252,855) (48,342)
----------- ---------- ---------- ---------- ---------- ---------- ----------
Pre-Tax Income (Loss) Plus
Fixed Charges $ 746,303 $ 900,365 $1,428,643 $1,154,871 $1,227,891 $ 117,325 $ 323,079
Pre-Tax Income (Loss) Plus ----------- ---------- ---------- ---------- ---------- ---------- ----------
Fixed Charges divided
by Fixed Charges (rounded) .52 .65 .88 .84 1.16 .32 .87
<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, and $16,033 and $16,218 for the three
month periods ended July 31, 1996 and 1995, respectively.