Exhibit 12.1

Capital Lease Funding, Inc. and Subsidiaries
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

|                                                                              |  |                         |        |      |   |       |  |      |       |      |   |       |  |   |        | 
|----------------------------------------------------------------------------- |  | ----------------------- | ------ | ---- | - | ----- |  | ---- | ----- | ---- | - | ----- |  | - | ------ | 
|(dollars
in thousands)                                                        |  | Year ended December 31, |       
|                                                                              |  | 2005                    |        | 2004 |   | 2003  |  | 2002 |       | 2001 |  
|                                                                              |  |                         |        |      |   |       |  |      |       |      |  
|Earnings:                                                                     |  |                         |        |      |   |       |  |      |       |      |   |       |  |   |        | 
|Income before provision
  for income taxes                                    |  | $                       | 5,130  |      | $ | 1,369 |  | $    | 6,633 |      | $ | 832   |  | $ | 4,064  | 
|Interest expense                                                              |  |                         | 32,987 |      |   | 2,768 |  |      | 2,058 |      |   | 2,801 |  |   | 7,155  | 
|Less: Interest capitalized
  during the period Note (A)                       |  |                         | (1,589 | )    |   |      |  |      |      |      |   |      |  |   |       | 
|Portion of rental expense
  representing interest                             |  |                         | 39     |      |   | 77    |  |      | 110   |      |   | 139   |  |   | 96     | 
|                                                                              |  |                         |        |      |   |       |  |      |       |      |   |       |  |   |        | 
|Total earnings
  (deficiency)                                                 |  | $                       | 36,567 |      | $ | 4,214 |  | $    | 8,801 |      | $ | 3,772 |  | $ | 11,315 | 
|                                                                              |  |                         |        |      |   |       |  |      |       |      |   |       |  |   |        | 
|                                                                              |  |                         |        |      |   |       |  |      |       |      |   |       |  |   |        | 
|Combined Fixed Charges and
  Preference Dividends To Earnings:                |  |                         |        |      |   |       |  |      |       |      |   |       |  |   |        | 
|Interest expense                                                              |  | $                       | 31,398 |      | $ | 2,768 |  | $    | 2,058 |      | $ | 2,801 |  | $ | 7,155  | 
|Interest capitalized
  during the period                                      |  | $                       | 1,589  |      |   |      |  |      |      |      |   |      |  |   |       | 
|Portion of rental expense
  representing interest                             |  |                         | 39     |      |   | 77    |  |      | 110   |      |   | 139   |  |   | 96     | 
|Preferred Stock Dividends                                                     |  |                         | 561    |      |   |      |  |      |      |      |   |      |  |   |       | 
|                                                                              |  |                         |        |      |   |       |  |      |       |      |   |       |  |   |        | 
|Total                                                                         |  | $                       | 33,587 |      | $ | 2,845 |  | $    | 2,168 |      | $ | 2,940 |  | $ | 7,251  | 
|                                                                              |  |                         |        |      |   |       |  |      |       |      |   |       |  |   |        | 
|                                                                              |  |                         |        |      |   |       |  |      |       |      |   |       |  |   |        | 
|Ratio of Earnings to
  Combined Fixed Charges and
  Preferred Stock Dividends |  |                         | 1.09   |      |   | 1.48  |  |      | 4.06  |      |   | 1.28  |  |   | 1.56   | 

Note (A)
Interest capitalized during the period is deducted because fixed charges
includes all interest, whether capitalized or expensed.
Only fixed charges that were deducted from income should be added back
in the earnings computation.

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