EX-12.1 4 s000588x1_ex12-1.htm EXHIBIT 12.1

Exhibit 12.1

 

FLY LEASING LIMITED

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In thousands, except ratios)

 

   For the year ended December 31,  For the six
months ended
June 30,
   2009  2010  2011  2012  2013  2014
Fixed Charges:                              
Interest expense (1)   $80,925   $75,748   $90,547   $142,491   $120,399   $68,444 
                               
Earnings:                              
Net income before provision for income taxes  $113,460   $62,874   $5,338   $51,531   $58,135   $28,886 
Less equity earnings from unconsolidated subsidiaries   —      (2,901)   (5,647)   (9,383)   (1,871)   (1,741)
Add:                              
Distributions of income received from unconsolidated subsidiaries   —      916    4,761    6,269    —      4,786 
Fixed charges per above   80,925    75,748    90,547    142,491    120,399    68,444 
Total earnings  $194,385   $136,637   $94,999   $190,908   $176,663   $100,375 
                               
Ratio of earnings to fixed charges   2.40:1     1.80:1     1.05:1     1.34:1     1.47:1     1.47:1  
 

(1)Interest expense includes amortization of debt discounts and loan issuance costs related to indebtedness.