Cit (CIT) 10-K2015 FY Annual report

Filed: 7 Mar 16, 12:00am

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Table of Contents

EXHIBIT 12.1

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

	Years Ended December 31,
	2015			2014			2013			2012			2011
Earnings:
Net income (loss)	$	1,056.6		$	1,130.0		$	675.7		$	(592.3	)	$	14.8
(Benefit) provision for income taxes – continuing operations		(488.4	)		(397.9	)		83.9			116.7			157.0
(Income) loss from discontinued operation, net of taxes		10.4			(52.5	)		(31.3	)		56.5			69.1
Income (loss) from continuing operations, before benefit (provision) for income taxes		578.6			679.6			728.3			(419.1	)		240.9
Fixed Charges:
Interest and debt expenses on indebtedness		1,103.5			1,086.2			1,060.9			2,665.7			2,504.2
Interest factor: one-third of rentals on real and personal properties		11.3			7.3			7.8			8.2			9.3
Total fixed charges for computation of ratio		1,114.8			1,093.5			1,068.7			2,673.9			2,513.5
Total earnings before provision for income taxes and fixed charges	$	1,693.4		$	1,773.1		$	1,797.0		$	2,254.8		$	2,754.4
Ratios of earnings to fixed charges		1.52	x		1.62	x		1.68	x		⁽¹⁾			1.10	x

(1)

Earnings were insufficient to cover fixed charges by $419.1 million for the year ended December 31, 2012.