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10-K - 10-K - Aircastle LTDy03056e10vk.htm
EX-99.1 - EX-99.1 - Aircastle LTDy03056exv99w1.htm
EX-31.2 - EX-31.2 - Aircastle LTDy03056exv31w2.htm
EX-10.6 - EX-10.6 - Aircastle LTDy03056exv10w6.htm
EX-10.4 - EX-10.4 - Aircastle LTDy03056exv10w4.htm
EX-23.1 - EX-23.1 - Aircastle LTDy03056exv23w1.htm
EX-21.1 - EX-21.1 - Aircastle LTDy03056exv21w1.htm
EX-32.2 - EX-32.2 - Aircastle LTDy03056exv32w2.htm
EX-31.1 - EX-31.1 - Aircastle LTDy03056exv31w1.htm
EX-32.1 - EX-32.1 - Aircastle LTDy03056exv32w1.htm
EX-10.24 - EX-10.24 - Aircastle LTDy03056exv10w24.htm
EX-10.26 - EX-10.26 - Aircastle LTDy03056exv10w26.htm
EX-10.27 - EX-10.27 - Aircastle LTDy03056exv10w27.htm
EX-10.28 - EX-10.28 - Aircastle LTDy03056exv10w28.htm
EX-10.30 - EX-10.30 - Aircastle LTDy03056exv10w30.htm
EX-10.31 - EX-10.31 - Aircastle LTDy03056exv10w31.htm
EX-10.29 - EX-10.29 - Aircastle LTDy03056exv10w29.htm
EX-10.25 - EX-10.25 - Aircastle LTDy03056exv10w25.htm
EX-10.35 - EX-10.35 - Aircastle LTDy03056exv10w35.htm
Exhibit 12.1
 
AIRCASTLE LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
 
                         
    Year Ended December 31,  
    2007     2008     2009  
 
Fixed Charges:
                       
Interest expense
  $ 112,166     $ 216,577     $ 172,206  
Capitalized interest
    7,267       5,737       1,457  
Portion of rent expense representative of interest(a)
    296       436       412  
                         
Total fixed charges
  $ 119,729     $ 222,750     $ 174,075  
                         
Earnings:
                       
Income from continuing operations before income taxes
  $ 122,061     $ 122,832     $ 111,152  
Fixed charges from above
    119,729       222,750       174,075  
Less capitalized interest from above
    (7,267 )     (5,737 )     (1,457 )
Amortization of capitalized interest
          283       384  
                         
Earnings (as defined)
  $ 234,523     $ 340,128     $ 284,154  
                         
Ratio of earnings to fixed charges
    1.96       1.53       1.63  
                         
 
 
(a) Estimated to be 1/3 of rent expense, which we believe is an appropriate interest factor for operating leases.