EXHIBIT 12.1
CIT Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (dollars in millions)
Years Ended December 31, | ||||||||||||||||||||||||
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CIT | Predecessor CIT | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Net income (loss) available (attributable) to common shareholders | $ | 26.7 | $ | 523.8 | $ | (3.8 | ) | $ | (2,864.2 | ) | $ | (111.0 | ) | |||||||||||
Net loss from discontinued operation | – | – | – | 2,166.4 | 873.0 | |||||||||||||||||||
(Benefit) provision for income taxes – continuing operations | 158.5 | 250.9 | (133.2 | ) | (444.4 | ) | 300.9 | |||||||||||||||||
Earnings (loss) from continuing operations, before provision (benefit) for income taxes | 185.2 | 774.7 | (137.0 | ) | (1,142.2 | ) | 1,062.9 | |||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest and debt expenses on indebtedness | 2,794.6 | 3,080.0 | 2,664.9 | 3,139.1 | 3,411.9 | |||||||||||||||||||
Minority interest in subsidiary trust holding solely debentures of the company, before tax | – | – | – | – | 5.1 | |||||||||||||||||||
Interest factor: one-third of rentals on real and personal properties | 9.3 | 23.1 | 17.6 | 18.9 | 18.5 | |||||||||||||||||||
Total Fixed Charges: | 2,803.9 | 3,103.1 | 2,682.5 | 3,158.0 | 3,435.5 | |||||||||||||||||||
Total earnings before provision for income taxes and fixed charges | $ | 2,989.1 | $ | 3,877.8 | $ | 2,545.5 | $ | 2,015.8 | $ | 4,498.4 | ||||||||||||||
Ratios of earnings to fixed charges | 1.07 | x | 1.25 | x | (1) | (1) | 1.31 | x |
(1) | Earnings were insufficient to cover fixed charges by $135.9 million and $1,142.2 million for the years ended December 31, 2009 and December 31, 2008. |