EX-12.1 2 d294626dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

AIRCASTLE LIMITED

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

 

     Year Ended December 31,  
     2009     2010     2011  

Fixed Charges:

       

Interest expense

    $ 172,206      $ 182,802      $ 211,046   

Capitalized interest

      1,457        4,127        6,506   

Portion of rent expense representative of interest

      412        367        381   
  

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 174,075      $ 187,296      $ 217,933   
  

 

 

    

 

 

    

 

 

  

Earnings:

       

Income from continuing operations before income taxes

    $ 111,152      $ 72,412      $ 132,102   

Fixed charges from above

      174,075        187,296        217,933   

Less capitalized interest from above

      (1,457 )      (4,127 )      (6,506 ) 

Amortization of capitalized interest

      384        397        597   
  

 

 

    

 

 

    

 

 

  

Earnings (as defined)

    $ 284,154      $ 255,978      $ 344,126   
  

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      1.63 x      1.37 x      1.58 x