EXHIBIT 12.1
CIT Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges(dollars in millions)
Quarters Ended | |||||||||||||||||||||||
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Nine Months Ended September 30, | |||||||||||||||||||||||
September 30, 2013 | June 30, 2013 | September 30, 2012 | 2013 | 2012 | |||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Net income (loss) | $ | 199.6 | $ | 183.6 | $ | (299.2 | ) | $ | 545.8 | $ | (799.1 | ) | |||||||||||
Provision for income taxes | 13.9 | 32.2 | 3.9 | 61.3 | 89.6 | ||||||||||||||||||
Income (loss) before provision for income taxes | 213.5 | 215.8 | (295.3 | ) | 607.1 | (709.5 | ) | ||||||||||||||||
Fixed Charges: | |||||||||||||||||||||||
Interest and debt expenses on indebtedness | 278.0 | 281.4 | 816.0 | 851.3 | 2,530.8 | ||||||||||||||||||
Interest factor: one-third of rentals on real and personal properties | 1.8 | 1.7 | 1.3 | 6.2 | 5.2 | ||||||||||||||||||
Total fixed charges for computation of ratio | 279.8 | 283.1 | 817.3 | 857.5 | 2,536.0 | ||||||||||||||||||
Total earnings before provision for income taxes and fixed charges | $ | 493.3 | $ | 498.9 | $ | 522.0 | $ | 1,464.6 | $ | 1,826.5 | |||||||||||||
Ratios of earnings to fixed charges | 1.76x | 1.76x | (1) | 1.71x | (1) |
(1) | Earnings were insufficient to cover fixed charges by $295.3 million and $709.5 million for the quarter and nine months ended September 30, 2012, respectively. |