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,
	2002		2003		2004		2005		2006
Earnings
Pretax income from continuing operations	$	4,705	$	7,186	$	7,922	$	5,535	$	10,242
Preferred dividends	—		—		—		—		2,945
Fixed Charges
Interest expense	16,262		14,957		16,350		24,514		31,610
Estimated interest expense within rental expense(1)	173		171		165		181		207
Total fixed charges and Preferred dividends	16,435		15,128		16,515		24,695		34,762
Earnings Before Fixed Charges and Preferred Dividends	$	21,140	$	22,314	$	24,437	$	30,230	$	45,004
Ratio of Earnings to Fixed Charges and Preferred Dividends and Distributions	1.29		1.48		1.48		1.22		1.29

(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.