Exhibit 12.1

American Airlines Group Inc.

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

(In millions)

	Year Ended December 31,
	2015		2014		2013			2012			2011
Income (loss) before income taxes	$	4,616	$	3,212	$	(2,180	)	$	(2,445	)	$	(1,979	)
Add: Total fixed charges (per below)		1,836		1,931		1,983			1,586			1,910
Less: Interest capitalized		52		61		47			50			40
Total earnings (loss) before income taxes	$	6,400	$	5,082	$	(244	)	$	(909	)	$	(109	)
Fixed charges:
Interest (1)	$	932	$	948	$	902		$	682		$	852
Portion of rental expense representative of the interest factor		904		983		1,081			904			1,058
Total fixed charges	$	1,836	$	1,931	$	1,983		$	1,586		$	1,910
Ratio of earnings to fixed charges		3.5		2.6		—			—			—
Coverage deficiency	$	—	$	—	$	2,227		$	2,495		$	2,019

(1) The twelve months ended December 31, 2014 includes non-cash interest accretion related to Bankruptcy Settlement Obligations.