EX-12.1 4 a12-28274_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,

 

 

 

2012

 

2011

 

2010

 

2009

 

2008

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Earnings from continuing operations before income taxes

 

$

937

 

$

22,590

 

$

18,571

 

$

31,445

 

$

41,202

 

Fixed charges

 

32,008

 

35,469

 

41,186

 

36,236

 

38,860

 

Cash distributions from equity method investments

 

802

 

810

 

949

 

675

 

690

 

Total earnings

 

$

33,747

 

$

58,869

 

$

60,706

 

$

68,356

 

$

80,752

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

31,749

 

$

35,201

 

$

40,945

 

$

36,013

 

$

38,640

 

Estimated interest expense within rental expense (1)

 

259

 

268

 

241

 

223

 

220

 

Total fixed charges

 

$

32,008

 

$

35,469

 

$

41,186

 

$

36,236

 

$

38,860

 

Preferred stock dividend (2)

 

4,374

 

5,136

 

5,111

 

4,527

 

4,942

 

Total fixed charges and preferred stock dividends

 

$

36,382

 

$

40,605

 

$

46,297

 

$

40,763

 

$

43,802

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.05

 

1.66

 

1.47

 

1.89

 

2.08

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividends

 

0.93

 

1.45

 

1.31

 

1.68

 

1.84

 

 

(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.