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 | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Net income (loss) available (attributable) to common shareholders | $ | 675.7 | $ | (592.3 | ) | $ | 14.8 | $ | 521.3 | $ | (3.9 | ) | ||||||||||||
(Benefit) provision for income taxes – continuing operations | 92.5 | 133.8 | 158.6 | 245.7 | (147.6 | ) | ||||||||||||||||||
Earnings (loss) from continuing operations, before provision (benefit) for income taxes | 768.2 | (458.5 | ) | 173.4 | 767.0 | (151.5 | ) | |||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest and debt expenses on indebtedness | 1,138.0 | 2,897.4 | 2,794.4 | 3,079.7 | 2,664.6 | |||||||||||||||||||
Interest factor: one-third of rentals on real and personal properties | 7.8 | 8.2 | 9.3 | 23.2 | 17.5 | |||||||||||||||||||
Total fixed charges for computation of ratio | 1,145.8 | 2,905.6 | 2,803.7 | 3,102.9 | 2,682.1 | |||||||||||||||||||
Total earnings before provision for income taxes and fixed charges | $ | 1,914.0 | $ | 2,447.1 | $ | 2,977.1 | $ | 3,869.9 | $ | 2,530.6 | ||||||||||||||
Ratios of earnings to fixed charges | 1.67 | x | (1) | 1.06 | x | 1.25 | x | (1) |
(1) | Earnings were insufficient to cover fixed charges by $458.5 million and $151.5 million for the years ended December 31, 2012 and December 31, 2009, respectively. |