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Exhibit 12.1

AAR CORP.

RATIO OF EARNINGS TO FIXED CHARGES

			For the Year Ended May 31,
			2004		2003			2002			2001		2000
			(In Thousands Except Per Share Data and Ratios)
Earnings Available for Fixed Charges
Earnings before income taxes			$	1,707	$	(19,490	)	$	(98,229	)	$	20,220	$	49,526
Add:
	Interest expense			17,710		19,273			19,543			21,760		23,304
	Amortization of capitalized interest			85		85			78			—		—
	Amortization of debt expense			1,024		181			177			127		127
	One-third of rent expense under operating leases (estimated by management to be the interest factor of such rent expense)			3,415		3,238			4,749			6,228		6,002
		Earnings available for fixed charges	$	23,941	$	3,287		$	(73,682	)	$	48,335	$	78,959
Fixed Charges
	Interest expense			17,710	$	19,273		$	19,543		$	21,760	$	23,304
	Amortization of capitalized interest			85		85			78			—		—
	Amortization of debt expense			1,024		181			177			127		127
	One-third of rent expense under operating leases (estimated by management to be the interest factor of such rent expense)			3,415		3,238			4,749			6,228		6,002
		Total fixed charges	$	22,234	$	22,777		$	24,547		$	28,115	$	29,433
		Ratio of earnings to fixed charges		1.1		0.1			—	(1)		1.7		2.7

(1)

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

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AAR CORP. RATIO OF EARNINGS TO FIXED CHARGES