Exhibit 12.1

Atlas Air Worldwide Holdings, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock

(in thousands, except ratios)

(Unaudited)

	For the Quarter Ended March 31,		For the Years Ended December 31,
	2012		2011		2010		2009		2008		2007
Earnings
Income before income taxes	$	18,174	$	156,989	$	233,110	$	124,096	$	110,221	$	132,735
Distributed income of equity investees		—		1,369		—		—		650		—
Adjusted pre-tax earnings		18,174		158,358		233,110		124,096		110,871		132,735
Add:
Total fixed charges from below		27,996		99,819		94,412		98,388		106,261		100,568
Less:
Capitalized interest, net of amortization		5,938		27,452		16,373		12,215		11,282		4,489
Total fixed charges included in income before income taxes		22,058		72,367		78,039		86,173		94,979		96,079
Earnings before fixed charges	$	40,232	$	230,725	$	311,149	$	210,269	$	205,850	$	228,814
Fixed charges
Interest expense, including capitalized interest	$	13,963	$	42,120	$	40,034	$	44,731	$	49,986	$	44,732
Portion of rentals representative of interest factor (a)		14,033		57,699		54,378		53,657		56,275		55,836
Total fixed charges (b)	$	27,996	$	99,819	$	94,412	$	98,388	$	106,261	$	100,568
Ratio of earnings to fixed charges		1.4		2.3		3.3		2.1		1.9		2.3
Adjustment for preferred stock dividends	$	—	$	—	$	—	$	—	$	—	$	—
Ratio of earnings to combined fixed charges and preferred stock (c )		1.4		2.3		3.3		2.1		1.9		2.3
(a)    Estimated interest component of operating rentals represents an appropriate portion of rentals representative of the interest factor for operating lease rentals.
(b)    Interest expense includes amounts capitalized, amortization of debt expense and discounts / premiums relating to indebtedness and does not include interest on uncertain tax positions, which is included in income tax expense / (benefit).
(c)    The ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges as there was no preferred stock outstanding.