EXHIBIT 12.1

 

AERCAP HOLDINGS N.V. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF RATIOS
(U.S. dollar amounts in thousands, except ratio amounts)

 

 

 

Year Ended December 31,

 

Nine Months
Ended
September

 

Fixed charges

 

2011

 

2012

 

2013

 

2014

 

2015

 

30, 2016

 

Interest expense

 

292,486

 

286,019

 

226,329

 

780,349

 

1,099,884

 

839,182

 

Capitalized interest

 

4,439

 

2,616

 

7,455

 

80,328

 

79,230

 

79,775

 

Portion of rent expense representative of interest

 

732

 

698

 

712

 

4,597

 

5,754

 

3,518

 

Total fixed charges

 

297,657

 

289,333

 

234,496

 

865,274

 

1,184,868

 

922,475

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income tax

 

230,051

 

154,879

 

310,791

 

916,898

 

1,365,699

 

777,825

 

Distributed income from equity investees

 

 

1,848

 

4,324

 

25,158

 

2,652

 

9,136

 

Fixed charged from above

 

297,657

 

289,333

 

234,496

 

865,274

 

1,184,868

 

922,475

 

Less capitalized interest from above

 

(4,439

)

(2,616

)

(7,455

)

(80,328

)

(79,230

)

(79,775

)

Amortization of capitalized interest

 

2,467

 

2,743

 

2,838

 

3,010

 

4,647

 

4,756

 

Earnings (as defined)

 

525,736

 

446,187

 

544,994

 

1,730,012

 

2,478,636

 

1,634,417

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.77

 

1.54

 

2.32

 

2.00

 

2.09

 

1.77