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. |