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EXHIBIT 12.1
Computation of Ratios of Earnings to Fixed Charges Three months ended March 31, (dollars in millions)
CIT 2010 | Predecessor CIT 2009 | |||||
Earnings: | ||||||
Net income (loss) attributable to common shareholders(1) | $ | 97.3 | $ | (403.2 | ) | |
Provision for income taxes | 42.5 | 8.0 | ||||
Income (loss) before provision for income taxes | 139.8 | (395.2 | ) | |||
Fixed charges: | ||||||
Interest and debt expenses on indebtedness | 837.8 | 657.1 | ||||
Interest factor: one-third of rentals on real and personal properties | 5.1 | 6.5 | ||||
Total fixed charges | 842.9 | 663.6 | ||||
Total earnings before provision for income taxes and fixed charges | $ | 982.7 | $ | 268.4 | ||
Ratios of earnings to fixed charges | 1.17 | x | (1 | ) | ||
(1) Earnings were insufficient to cover fixed charges by $395.2 million for the three months ended March 31, 2009. |