Cit (CIT) 10-Q2016 Q1 Quarterly report

Filed: 9 May 16, 12:00am

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Positive
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Uncertain
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Legalese
Litigous
Readability	H.S. freshman Bad

New words: affiliate, apportionment, bankrupt, BBB, borne, briefly, bulk, CA, cashflow, clarity, constraint, context, culture, DBRSCIT, dedesignation, deficiency, detected, dual, Edward, EITF, Ellen, expedient, explicit, FAST, feature, feedback, food, handling, host, Imputation, intellectual, Interchange, justified, launched, lead, leading, LOC, lock, misstated, misstatement, Nomination, nonpublic, notification, novation, Obama, organizational, Pasadena, President, promise, promised, publicly, put, ran, ratably, rebalanced, rebalancing, redeploy, REO, retroactively, robust, sequence, Simplify, Simplifying, slower, softer, Sperling, spinoff, steel, storage, Streamline, streamlining, subserviced, Surface, temporarily, territory, TF, thereof, thermal, transparency, UK, wealth, widening, withholding

Removed: absence, accelerate, accelerated, adding, affirmed, AICPA, alleged, allegedly, appeal, applicability, assert, asserted, assign, Atlantic, attributed, Barueri, BB, began, callable, Cascavel, Caterina, cease, Chai, challenge, challenged, claimed, cloud, commenced, composite, computing, concentrate, concentration, Concurrently, conflict, controlled, convenience, cooperatively, correct, corrective, count, countercyclical, critically, custodian, cycle, daily, debtor, deceased, deducted, defect, defendant, defense, define, depicted, derailed, derailment, discipline, dismissed, disposal, District, domiciled, downgraded, DTA, DTL, effected, effort, electronically, enabling, enforce, environmental, error, establish, evidenced, evidencing, Expand, explain, extending, extinguished, fire, focused, Foregone, forty, Franchise, Fuel, generation, HFS, HHFUT, highest, hindsight, hybrid, ICAAP, import, inPart, installed, introducing, ISS, Itu, John, large, lawsuit, Maine, mandatory, marginally, matured, Ministry, Minnesota, MMA, Montreal, municipality, NA, negligence, Nelson, NM, nonfinancial, Northern, operated, organization, outlook, outweigh, Pacific, Parker, PCA, perpetual, positioned, Pound, precedent, preferred, prejudice, pressure, pretax, prompt, proper, prudently, Quebec, Railway, rank, realize, recognizing, rendered, renewal, resale, reserving, returned, reversed, River, Santa, Scott, SIFI, simplification, software, SOP, Sterling, strict, student, subcontracted, subordinated, Superior, supporting, targeted, Thain, thirty, town, traded, transitional, transitioned, translational, turnaround, twenty, undercapitalized, unearned, unfavorable, weighting, Western, WFS, withdrawn, WPC

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EXHIBIT 12.1

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

	Quarters Ended
	March 31, 2016			December 31, 2015			March 31, 2015
Earnings:
Net income	$	146.9		$	144.5		$	103.7
Provision for income taxes – continuing operations		52.7			(10.2	)		44.0
Loss from discontinued operation, net of taxes		4.8			6.7			–
Income from continuing operations, before provision for income taxes		204.4			141.0			147.7
Fixed Charges:
Interest and debt expenses on indebtedness		286.4			286.7			271.3
Interest factor: one-third of rentals on real and personal properties		3.1			4.1			1.8
Total fixed charges for computation of ratio		289.5			290.8			273.1
Total earnings before provision for income taxes and fixed charges	$	493.9		$	431.8		$	420.8
Ratios of earnings to fixed charges		1.71	x		1.48	x		1.54	x