Cit (CIT) 10-Q 2013 Q2 Quarterly report

EXHIBIT 12.1

CIT Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges(dollars in millions)

	Quarters Ended
										Six Months Ended June 30,
	June 30, 2013			March 31, 2013			June 30, 2012			2013			2012
Earnings:
Net income (loss)	$	183.6		$	162.6		$	(72.9	)	$	346.2		$	(499.9	)
Provision for income taxes		32.2			15.2			45.4			47.4			85.7
Income (loss) before provision for income taxes		215.8			177.8			(27.5	)		393.6			(414.2	)
Fixed Charges:
Interest and debt expenses on indebtedness		281.4			291.9			634.2			573.3			1,714.8
Interest factor: one-third of rentals on real and personal properties		1.7			2.7			1.9			4.4			3.9
Total fixed charges for computation of ratio		283.1			294.6			636.1			577.7			1,718.7
Total earnings before provision for income taxes and fixed charges	$	498.9		$	472.4		$	608.6		$	971.3		$	1,304.5
Ratios of earnings to fixed charges		1.76	x		1.60	x		(1)			1.68	x		(1)

 

⁽¹⁾   Earnings were insufficient to cover fixed charges by $27.5 million and $414.2 million for the quarter and six months ended June 30, 2012, respectively.