EX-12.1 3 a11-2125_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

(In thousands, except ratios)

 

 

 

 

 

Years Ended December 31,

 

 

 

2010

 

2009

 

2008

 

2007

 

2006

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income taxes

 

$

18,571

 

$

31,445

 

$

41,202

 

$

27,033

 

$

26,497

 

Fixed charges

 

41,186

 

36,236

 

38,860

 

38,157

 

31,817

 

Cash distributions from equity method investments

 

949

 

675

 

690

 

975

 

423

 

Total earnings

 

$

60,706

 

$

68,356

 

$

80,752

 

$

66,165

 

$

58,737

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

40,945

 

$

36,013

 

$

38,640

 

$

37,940

 

$

31,610

 

Estimated interest expense within rental expense (1)

 

241

 

223

 

220

 

217

 

207

 

Total fixed charges

 

$

41,186

 

$

36,236

 

$

38,860

 

$

38,157

 

$

31,817

 

Preferred stock dividend (2)

 

5,111

 

4,527

 

4,942

 

4,911

 

4,442

 

Total fixed charges and preferred stock dividends

 

$

46,297

 

$

40,763

 

$

43,802

 

$

43,068

 

$

36,259

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.47

 

1.89

 

2.08

 

1.73

 

1.85

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends

 

1.31

 

1.68

 

1.84

 

1.54

 

1.62

 

 

(1)             Represents an estimate of the interest within rental expense. 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 expense for each of the years ended, as indicated above.

 

(2)             Represents pre-tax earnings required to pay preferred stock dividends.