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,
	As  Adjusted 2003		As  Adjusted 2004		As  Adjusted 2005		As  Adjusted 2006		2007
Earnings
Pretax income from continuing operations	$	10,657	$	4,541	$	4,694	$	26,963	$	27,733
Preferred dividends	—		—		—		2,945		3,128
Fixed Charges
Interest expense	14,957		16,350		24,514		31,610		37,940
Estimated interest expense within rental expense(1)	171		165		181		207		217
Total fixed charges and Preferred dividends	15,128		16,515		24,695		34,762		41,285
Earnings Before Fixed Charges and Preferred Dividends	$	25,785	$	21,056	$	29,389	$	61,725	$	69,018
Ratio of Earnings to Fixed Charges and Preferred Dividends and Distributions	1.70		1.27		1.19		1.78		1.67

(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.