EX-12.1 4 a09-35885_1ex12d1.htm EX-12.1

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, except ratios)

 

 

 

Years Ended December 31,

 

 

 

2009

 

2008

 

2007

 

2006

 

2005

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

32,387

 

$

41,999

 

$

27,733

 

$

26,963

 

$

4,694

 

Preferred dividends

 

3,128

 

3,128

 

3,128

 

2,945

 

—

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

36,013

 

38,640

 

37,940

 

31,610

 

24,514

 

Estimated interest expense within rental expense (1)

 

223

 

220

 

217

 

207

 

181

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed charges and Preferred dividends

 

39,364

 

41,988

 

41,285

 

34,762

 

24,695

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Before Fixed charges and Preferred dividends

 

$

71,751

 

$

83,987

 

$

69,018

 

$

61,725

 

$

29,389

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges and Preferred Dividends and Distributions

 

1.82

 

2.00

 

1.67

 

1.78

 

1.19

 

 

(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.