EXHIBIT 12.1
CIT Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (dollars in millions)
Years Ended December 31, | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CIT | Predecessor CIT | ||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Earnings: | Revised | Revised | |||||||||||||||||||||
Net income (loss) available (attributable) to common shareholders | $ | (592.3 | ) | $ | 14.8 | $ | 521.3 | $ | (3.9 | ) | $ | (2,864.2 | ) | ||||||||||
Net loss from discontinued operation | — | — | — | 2,166.4 | |||||||||||||||||||
(Benefit) provision for income taxes – continuing operations | 133.8 | 158.6 | 245.7 | (147.6 | ) | (444.4 | ) | ||||||||||||||||
Earnings (loss) from continuing operations, before provision (benefit) for income taxes | (458.5 | ) | 173.4 | 767.0 | (151.5 | ) | (1,142.2 | ) | |||||||||||||||
Fixed Charges: | |||||||||||||||||||||||
Interest and debt expenses on indebtedness | 2,897.4 | 2,794.4 | 3,079.7 | 2,664.6 | 3,139.1 | ||||||||||||||||||
Interest factor: one-third of rentals on real and personal properties | 8.2 | 9.3 | 23.2 | 17.5 | 18.9 | ||||||||||||||||||
Total fixed charges for computation of ratio | 2,905.6 | 2,803.7 | 3,102.9 | 2,682.1 | 3,158.0 | ||||||||||||||||||
Total earnings before provision for income taxes and fixed charges | $ | 2,447.1 | $ | 2,977.1 | $ | 3,869.9 | $ | 2,530.6 | $ | 2,015.8 | |||||||||||||
Ratios of earnings to fixed charges | (1) | 1.06 | x | 1.25 | x | (1) | (1) |
(1) | Earnings were insufficient to cover fixed charges by $458.5 million, $151.5 million, and $1,142.2 million for the years ended December 31, 2012, December 31, 2009, and December 31, 2008, respectively. |