Exhibit 12.1
Atlas Air Worldwide Holdings, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock
(in thousands, except ratios)
(Unaudited)
| For the Quarter Ended March 31, 2017 |
For the Years Ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
| Earnings |
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| Income from continuing operations before income taxes |
$ | 588 | $ | 89,416 | $ | (17,220 | ) | $ | 89,549 | $ | 117,822 | $ | 205,275 | |||||||||||
| Distributed income of equity investees |
— | — | — | — | — | — | ||||||||||||||||||
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| Adjusted pre-tax earnings |
588 | 89,416 | (17,220 | ) | 89,549 | 117,822 | 205,275 | |||||||||||||||||
| Add: |
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| Total fixed charges from below |
33,548 | 133,353 | 145,100 | 151,049 | 137,131 | 116,188 | ||||||||||||||||||
| Less: |
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| Capitalized interest, net of amortization |
1,140 | 841 | (1,355 | ) | (1,903 | ) | 161 | 17,635 | ||||||||||||||||
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| Total fixed charges included in income before income taxes |
32,408 | 132,512 | 146,455 | 152,952 | 136,969 | 98,553 | ||||||||||||||||||
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| Earnings before fixed charges |
$ | 32,996 | $ | 221,928 | $ | 129,235 | $ | 242,501 | $ | 254,791 | $ | 303,828 | ||||||||||||
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| Fixed charges |
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| Interest expense |
$ | 21,524 | $ | 84,650 | $ | 96,756 | $ | 104,252 | $ | 83,659 | $ | 64,532 | ||||||||||||
| Portion of rentals representative of interest factor (b) |
12,024 | 48,703 | 48,344 | 46,797 | 53,472 | 51,656 | ||||||||||||||||||
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| Total fixed charges (a) |
$ | 33,548 | $ | 133,353 | $ | 145,100 | $ | 151,049 | $ | 137,131 | $ | 116,188 | ||||||||||||
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| Ratio of earnings to fixed charges |
1.0 | 1.7 | — | * | 1.6 | 1.9 | 2.6 | |||||||||||||||||
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| Adjustment for preferred stock dividends |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
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| Ratio of earnings to combined fixed charges and preferred |
1.0 | 1.7 | — | * | 1.6 | 1.9 | 2.6 | |||||||||||||||||
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| (a) | Interest expense includes amounts capitalized, amortization of debt interest and discounts / premiums relating to indebtedness and does not include interest on uncertain tax positions, which is included in income tax expense/(benefit). |
| (b) | Estimated interest component of operating rentals represents an appropriate portion of rentals representative of the interest factor for operating lease rentals. |
| (c) | The ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges as there was no preferred stock outstanding. |
| * | For the year ended December 31, 2015, fixed charges exceeded earnings by $15.9 million. |