Exhibit 12.1

WILLIS LEASE FINANCE CORPORATION

AND SUBSIDIARIES
Statement of Computation of Ratios of
Earnings to Fixed Charges and Preferred Dividends

(In thousands, except ratios)

	Years Ended December 31,
	2018		2017		2016		2015		2014
Earnings:
Earnings from continuing operations before income taxes	$	52,474	$	28,853	$	22,133	$	11,600	$	10,411
Fixed charges		64,726		49,212		41,587		39,395		37,416
Cash distributions from equity method investments		5,730		1,880		1,167		1,304		847
Total earnings		122,930		79,945		64,887		52,299		48,674
Fixed charges:
Interest expense		64,220		48,720		41,144		39,012		37,062
Estimated interest expense within rental expense (1)		506		492		443		383		354
Total fixed charges		64,726		49,212		41,587		39,395		37,416
Preferred stock dividends (2)		3,250		1,813		281		—		—
Total fixed charges and preferred stock dividends	$	67,976	$	51,025	$	41,868	$	39,395	$	37,416
Ratio of earnings to fixed charges		1.90		1.62		1.56		1.33		1.30
Ratio of earnings to fixed charges and preferred stock dividends		1.81		1.57		1.55		1.33		1.30

(1) Represents an estimate of the interest within rental expense. There is no expressed interest expense within rental expense. Rather, the imputed interest expense within rental expense is calculated by multiplying by 30% the office rent expense for each of the years ended, as indicated above.

(2) Represents pre-tax earnings required to pay preferred stock dividends.