EXHIBIT 12.1
CIT Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges(dollars in millions)
| At or For the Quarters Ended | Six Months Ended | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | March 31, | June 30, | June 30, | ||||||||||||||||||||||
| 2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||
| Net income | $ | 115.3 | $ | 103.7 | $ | 246.9 | $ | 219.0 | $ | 364.1 | |||||||||||||||
| Provision for income taxes – continuing operations | 37.8 | 44.0 | 18.1 | 81.8 | 31.6 | ||||||||||||||||||||
| (Income) from discontinued operation, net of taxes | — | — | (51.7 | ) | — | (54.0 | ) | ||||||||||||||||||
| Income from continuing operations, before provision for income taxes and noncontrolling interests | 153.1 | 147.7 | 213.3 | 300.8 | 341.7 | ||||||||||||||||||||
Fixed Charges: | |||||||||||||||||||||||||
| Interest and debt expenses on indebtedness | 265.2 | 271.3 | 262.2 | 536.5 | 534.1 | ||||||||||||||||||||
| Interest factor: one-third of rentals on real and personal properties | 2.0 | 1.8 | 1.6 | 3.8 | 3.5 | ||||||||||||||||||||
| Total fixed charges for computation of ratio | 267.2 | 273.1 | 263.8 | 540.3 | 537.6 | ||||||||||||||||||||
| Total earnings before provision for income taxes and fixed charges | $ | 420.3 | $ | 420.8 | $ | 477.1 | $ | 841.1 | $ | 879.3 | |||||||||||||||
| Ratios of earnings to fixed charges | 1.57 | x | 1.54 | x | 1.81 | x | 1.56 | x | 1.64 | x | |||||||||||||||