Exhibit 12.1
AIRCASTLE LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| Year Ended December 31, | Three Months Ended March 31, |
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| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||
| Fixed Charges: |
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| Interest expense |
$ | 243,757 | $ | 238,378 | $ | 243,576 | $ | 255,660 | $ | 241,231 | $ | 57,108 | ||||||||||||
| Capitalized interest |
— | — | — | 144 | 255 | — | ||||||||||||||||||
| Portion of rent expense representative of interest |
404 | 372 | 376 | 638 | 701 | 185 | ||||||||||||||||||
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| Total fixed charges |
$ | 244,161 | $ | 238,750 | $ | 243,952 | $ | 256,442 | $ | 242,187 | $ | 57,293 | ||||||||||||
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| Earnings: |
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| Income from continuing operations before income taxes |
$ | 38,943 | $ | 111,637 | $ | 128,243 | $ | 156,505 | $ | 146,305 | $ | 54,921 | ||||||||||||
| Fixed charges from above |
244,161 | 238,750 | 243,952 | 256,442 | 242,187 | 57,293 | ||||||||||||||||||
| Less capitalized interest from above |
— | — | — | (144 | ) | (255 | ) | — | ||||||||||||||||
| Amortization of capitalized interest |
800 | 800 | 800 | 532 | 496 | 85 | ||||||||||||||||||
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| Earnings (as defined) |
$ | 283,904 | $ | 351,187 | $ | 372,995 | $ | 413,335 | $ | 388,733 | $ | 112,299 | ||||||||||||
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| Ratio of earnings to fixed charges |
1.16x | 1.47x | 1.53x | 1.61x | 1.61x | 1.96x | ||||||||||||||||||
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