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Filing tables
Filing exhibits
- 10-K Annual report
- 10.5 Amendment to Employment Agreement
- 10.8 Exhibit 10.8
- 10.10 Exhibit 10.10
- 10.11 Exhibit 10.11
- 10.12 Exhibit 10.12
- 10.23 Amended and Restated Employment Agreement
- 10.29 Exhibit 10.29
- 12.1 Subsidiaries
- 21.1 Subsidiaries
- 24.1 Consent and Power of Attorney
- 31.1 Certifications
- 31.2 Certifications
- 32.1 Certifications
- 32.2 Certifications
Related press release
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EXHIBIT 12.1
CIT Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (dollars in millions)
Years Ended December 31, | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
2007 | 2006 | 2005 | 2004 | 2003 | |||||||
Net income available to common shareholders(1) | $ (111.0 | ) | $1,015.8 | $ 936.4 | $ 753.6 | $ 566.9 | |||||
Provision for income taxes | (194.4 | ) | 364.4 | 464.2 | 483.3 | 361.6 | |||||
Earnings before provision for income taxes | (305.4 | ) | 1,380.2 | 1,400.6 | 1,236.9 | 928.5 | |||||
Fixed charges: | |||||||||||
Interest and debt expenses on indebtedness | 3,827.2 | 2,850.4 | 1,894.3 | 1,242.6 | 1,348.7 | ||||||
Minority interest in subsidiary trust holding solely | |||||||||||
debentures of the company, before tax(2) | 5.1 | 17.4 | 17.7 | 17.5 | 8.8 | ||||||
Interest factor: one-third of rentals on real and personal properties | 22.1 | 18.5 | 14.3 | 13.4 | 14.4 | ||||||
Total fixed charges | 3,854.4 | 2,886.3 | 1,926.3 | 1,273.5 | 1,371.9 | ||||||
Total earnings before provision for income taxes and fixed charges | $ 3,549.0 | $4,266.5 | $3,326.9 | $2,510.4 | $2,300.4 | ||||||
Ratios of earnings to fixed charges | (3 | ) | 1.48x | 1.73x | 1.97x | 1.68x |
(1) | The 2007 net income includes an after-tax valuation allowance of $785.9 million for home lending receivables held for sale. |
(2) | The related debt was extinguished during second quarter 2007. |
(3) | Earnings were insufficient to cover fixed charges by $305.4 million in the year ended December 31, 2007. Earnings for this year included valuation allowances for receivables held for sale of $1,271.4 million. |
CIT _ ANNUAL REPORT 2007 PAGE 126 |