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EXHIBIT 12.1

AAR CORP.

RATIO OF EARNINGS TO FIXED CHARGES

			For the Year Ended May 31,												Nine Months Ended February 29/28,
			2003			2002			2001		2000		1999		2004			2003
															(unaudited)
			(In Thousands Except Per Share Data and Ratios)
Earnings Available for Fixed Charges
Earnings before income taxes			$	(19,490	)	$	(98,229	)	$	20,220	$	49,526	$	59,786	$	(297	)	$	(7,524	)
Add:
	Interest expense			19,273			19,543			21,760		23,304		18,440		13,542			14,353
	Amortization of capitalized interest			85			78			—		—		—		64			64
	Amortization of debt expense			181			177			127		127		127		788			136
	One-third of rent expense under operating leases (estimated by management to be the interest factor of such rent expense)			3,238			4,749			6,228		6,002		4,194		2,679			2,335
		Earnings available for fixed charges	$	3,287		$	(73,682	)	$	48,335	$	78,959	$	82,547	$	16,776		$	9,364
Fixed Charges
	Interest expense		$	19,273		$	19,543		$	21,760	$	23,304	$	18,440	$	13,542		$	14,353
	Amortization of capitalized interest			85			78			—		—		—		64			64
	Amortization of debt expense			181			177			127		127		127		788			136
	One-third of rent expense under operating leases (estimated by management to be the interest factor of such rent expense)			3,238			4,749			6,228		6,002		4,194		2,679			2,335
		Total fixed charges	$	22,777		$	24,547		$	28,115	$	29,433	$	22,761	$	17,073		$	16,888
		Ratio of earnings to fixed charges		0.1			—	(1)		1.7		2.7		3.6		1.0			0.6

(1)

Earnings were inadequate to cover fixed charges by $49.1 million for the year ended May 31, 2002.

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EXHIBIT 12.1