Attached files
Exhibit 12.1
AIRCASTLE
LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
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. |