Exhibit 12.1

WILLIS LEASE FINANCE CORPORATION

AND SUBSIDIARIES

Statement of Computation of Ratios of

Earnings to Fixed Charges and

Preferred Dividends and Distributions

(In thousands)

	Years Ended December 31,
	2001		2002		2003		2004		2005
Earnings
Pretax income from continuing operations	$	9,111	$	4,705	$	7,186	$	7,922	$	5,535
Preferred dividends	—		—		—		—		—
Fixed Charges
Interest expense	24,125		16,262		14,957		16,350		24,514
Estimated interest expense within rental expense(1)	160		173		171		165		181
Total fixed charges	24,285		16,435		15,128		16,515		24,695
Earnings Before Fixed Charges	$	33,396	$	21,140	$	22,314	$	24,437	$	30,230
Ratio of Earnings to Fixed Charges and Preferred Dividends and Distributions	1.38		1.29		1.48		1.48		1.22

(1)  All rental expense is derived from operating leases. There is no expressed interest expense within rental expense. Rather, the imputed interest expense within rental expense is calculated by multiplying by 30%, the office rent for each of the years ended, as indicated above.