AIR LEASE CORP - FORM 10-K - EX-12.1 - March 9, 2012

Attached files

file	filename
EXCEL - IDEA: XBRL DOCUMENT - AIR LEASE CORP	Financial_Report.xls
EX-3.2 - EXHIBIT 3.2 - AIR LEASE CORP	a2207949zex-3_2.htm
EX-32.2 - EX-32.2 - AIR LEASE CORP	a2207949zex-32_2.htm
EX-32.1 - EX-32.1 - AIR LEASE CORP	a2207949zex-32_1.htm
EX-21.1 - EX-21.1 - AIR LEASE CORP	a2207949zex-21_1.htm
EX-31.1 - EX-31.1 - AIR LEASE CORP	a2207949zex-31_1.htm
EX-31.2 - EX-31.2 - AIR LEASE CORP	a2207949zex-31_2.htm
10-K - 10-K - AIR LEASE CORP	a2207949z10-k.htm
EX-23.1 - EX-23.1 - AIR LEASE CORP	a2207949zex-23_1.htm

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EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

		Year Ended December 31, 2011			For the Period from Inception to December 31, 2010

		(in thousands, except ratio)
Earnings:
Net income (loss)		$	53,232		$	(52,040	)
Add:
Provision (benefit) for income taxes			29,609			(8,875	)
Fixed charges			68,797			53,673
Less:
Capitalized interest			(10,390	)		(1,769	)

Earnings as adjusted (A)		$	141,248		$	(9,011	)
Fixed charges:
Interest expense		$	57,692		$	51,743
Capitalized interest			10,390			1,769
Interest factors of rents(2)			715			161
Fixed charges as adjusted (B)		$	68,797		$	53,673
Ratio of earnings (loss) to fixed charges ((A) divided by (B))(1)			2.05			—

(1): For the period from inception to December 31, 2010, earnings were insufficient to cover fixed charges by $62.7 million.
(2): Estimated to be ¹/3 of rent expense.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES