EXHIBIT 12.1

INTERNATIONAL LEASE FINANCE CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS FOR THE SIX MONTHS ENDED June 30, 2001 AND 2000
(Dollars in thousands)

|                                                                                    |                                           |                            |         |             |         |      |         |         |         | 
|----------------------------------------------------------------------------------- | ----------------------------------------- | -------------------------- | ------- | ----------- | ------- | ---- | ------- | ------- | ------- | 
|                                                                                    |                                           |                            |         | 2001        |         | 2000
|                                                                                    |                                           |                            |         |             |         |     
|                                                                                    |                                           |                            |         | (Unaudited)
|Earnings:                                                                           |                                           |                            |         |             |         |      |         |        
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|Net Income                                                                          |                                           | $                          | 240,659 |             |         | $    | 206,022 |        
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                    | Add:                                      |                            |         |             |         |      |         |         |        
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                    |                                           | Provision for income taxes |         |             | 132,520 |      |         |         | 112,256 | 
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                    |                                           | Fixed charges              |         |             | 468,252 |      |         |         | 425,268 | 
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                    | Less:                                     |                            |         |             |         |      |         |         |        
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                    |                                           | Capitalized interest       |         |             | 28,373  |      |         |         | 22,976  | 
|                                                                                    |                                           |                            |         |             |         |      |         |        
|                                                                                    | Earnings as adjusted (A)                  |                            | $       | 813,058     |         |      | $       | 720,570 |        
|                                                                                    |                                           |                            |         |             |         |      |         |        
|Preferred dividend requirements                                                     |                                           | $                          | 8,482   |             |         | $    | 8,523   |        
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|Ratio of income before provision
for income taxes to net income                     |                                           |                            | 155     | %           |         |      | 154     | %      
|                                                                                    |                                           |                            |         |             |         |      |         |        
|                                                                                    | Preferred dividend factor on pretax
basis |                            | $       | 12,893      |         |      | $       | 13,125  |        
|                                                                                    |                                           |                            |         |             |         |      |         |        
|Fixed Charges:                                                                      |                                           |                            |         |             |         |      |         |        
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                    | Interest expense                          |                            |         | 405,638     |         |      |         | 359,323 |        
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                    | Capitalized interest                      |                            |         | 28,373      |         |      |         | 22,976  |        
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                   
|                                                                                    | Interest factor of rents                  |                            |         | 34,241      |         |      |         | 42,969  |        
|                                                                                    |                                           |                            |         |             |         |      |         |        
|                                                                                    | Fixed charges as adjusted (B)             |                            |         | 468,252     |         |      |         | 425,268 |        
|                                                                                    |                                           |                            |         |             |         |      |         |        
|Fixed charges and preferred stock
dividends (C)                                     |                                           | $                          | 481,145 |             |         | $    | 438,393 |        
|                                                                                    |                                           |                            |         |             |         |      |         |        
|Ratio of earnings to fixed charges
(A) divided by (B)                               |                                           |                            | 1.74x   |             |         |      | 1.69x   |        
|                                                                                    |                                           |                            |         |             |         |      |         |        
|Ratio of earnings to fixed charges
and preferred stock dividends
(A) divided by (C) |                                           |                            | 1.69x   |             |         |      | 1.64x   |        
|                                                                                    |                                           |                            |         |             |         |      |         |        

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