EX-12.1 2 ayrq4201710-kex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12.1
AIRCASTLE LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
Fixed Charges:
 
 
 
 
 
 
Interest expense
$
241,231

  
$
255,660

  
$
243,577

 
Capitalized interest
255

 
144

 
—

 
Portion of rent expense representative of interest
701

  
638

  
376

 
Total fixed charges
$
242,187

  
$
256,442

  
$
243,953

 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
Income from continuing operations before income taxes
$
146,305

  
$
156,505

  
$
128,243

 
Fixed charges from above
242,187

  
256,442

  
243,952

 
Less capitalized interest from above
(255
)
 
(144
)
 
—

 
Amortization of capitalized interest
381

  
532

  
800

 
Earnings (as defined)
$
388,618

  
$
413,335

  
$
372,995

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.60

x
1.61

x
1.53

x