EXHIBIT 12.1
AERCAP HOLDINGS N.V. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF RATIOS
(U.S. dollars in thousands, except ratio amounts)
|
|
|
Year Ended December 31, |
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|
|
|
2010 |
|
2011 |
|
2012 |
|
2013 |
|
2014 |
|
|
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
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Interest expense |
|
233,985 |
|
292,486 |
|
286,019 |
|
226,329 |
|
780,349 |
|
|
Capitalized interest |
|
7,978 |
|
4,439 |
|
2,616 |
|
7,455 |
|
80,328 |
|
|
Portion of rent expense representative of interest |
|
762 |
|
732 |
|
698 |
|
712 |
|
4,597 |
|
|
Total fixed charges |
|
242,725 |
|
297,657 |
|
289,333 |
|
234,496 |
|
865,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income tax |
|
258,226 |
|
230,051 |
|
154,879 |
|
310,791 |
|
916,898 |
|
|
Distributed income from equity investees |
|
— |
|
— |
|
1,848 |
|
4,324 |
|
25,158 |
|
|
Fixed charged from above |
|
242,725 |
|
297,657 |
|
289,333 |
|
234,496 |
|
865,274 |
|
|
Less capitalized interest from above |
|
(7,978 |
) |
(4,439 |
) |
(2,616 |
) |
(7,455 |
) |
(80,328 |
) |
|
Amortization of capitalized interest |
|
2,055 |
|
2,467 |
|
2,743 |
|
2,838 |
|
3,010 |
|
|
Earnings (as defined) |
|
495,028 |
|
525,736 |
|
446,187 |
|
544,994 |
|
1,730,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
|
2.04 |
|
1.77 |
|
1.54 |
|
2.32 |
|
2.00 |
|