EXHIBIT 12.1
CIT Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (dollars in millions)
Quarters Ended | Nine Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
September 30, 2016 | June 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Net income | $ | 132.8 | $ | 14.1 | $ | 693.1 | $ | 293.8 | $ | 912.1 | |||||||||||||
Provision for income taxes — continuing operations | 77.0 | 94.3 | (560.0 | ) | 224.0 | (478.2 | ) | ||||||||||||||||
Loss from discontinued operation, net of taxes | 15.6 | 167.0 | 3.7 | 187.4 | 3.7 | ||||||||||||||||||
Income from continuing operations, before provision for income taxes | 225.4 | 275.4 | 136.8 | 705.2 | 437.6 | ||||||||||||||||||
Fixed Charges: | |||||||||||||||||||||||
Interest and debt expenses on indebtedness | 279.4 | 282.5 | 280.3 | 848.3 | 816.8 | ||||||||||||||||||
Interest factor: one-third of rentals on real and personal properties | 4.2 | 4.5 | 3.4 | 11.9 | 7.2 | ||||||||||||||||||
Total fixed charges for computation of ratio | 283.6 | 287.0 | 283.7 | 860.2 | 824.0 | ||||||||||||||||||
Total earnings before provision for income taxes and fixed charges | $ | 509.0 | $ | 562.4 | $ | 420.5 | $ | 1,565.4 | $ | 1,261.6 | |||||||||||||
Ratios of earnings to fixed charges | 1.79 | x | 1.96 | x | 1.48 | x | 1.82 | x | 1.53 | x |