EX-12.1 2 ayrq4201210-kex121.htm SUBSIDIARIES OF THE REGISTRANT AYR Q4 2012 10-K EX12.1


Exhibit 12.1
AIRCASTLE LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
 
 
 
Year Ended December 31,
 
 
 
2010
 
2011
 
2012
 
Fixed Charges:
 
 
 
 
 
 
 
Interest expense
 
$
182,802

  
$
211,046

  
$
224,123

 
Capitalized interest
 
4,127

  
6,506

  
1,315

 
Portion of rent expense representative of interest
 
367

  
381

  
307

 
Total fixed charges
 
$
187,296

  
$
217,933

  
$
225,745

 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
Income from continuing operations before income taxes
 
$
72,412

  
$
132,102

  
$
40,713

 
Fixed charges from above
 
187,296

  
217,933

  
225,746

 
Less capitalized interest from above
 
(4,127
)
 
(6,506
)
 
(1,315
)
 
Amortization of capitalized interest
 
397

  
597

  
800

 
Earnings (as defined)
 
$
255,978

  
$
344,126

  
$
265,944

 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.37

x 
1.58

x 
1.18

x