EXHIBIT 12
INTERNATIONAL LEASE FINANCE CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS FOR THE THREE MONTHS ENDED MARCH 31, 2011 and 2010
(Dollars in thousands)
INTERNATIONAL LEASE FINANCE CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS FOR THE THREE MONTHS ENDED MARCH 31, 2011 and 2010
(Dollars in thousands)
March 31, | March 31, | |||||||
2011 | 2010 | |||||||
(Unaudited) | ||||||||
Earnings: | ||||||||
Net Income | $ | 73,721 | $ | (62,926 | ) | |||
Add: | ||||||||
Provision for income taxes | 43,641 | (35,686 | ) | |||||
Fixed charges | 410,490 | 337,135 | ||||||
Less: | ||||||||
Capitalized interest | (2,106 | ) | (1,474 | ) | ||||
Earnings as adjusted (A) | $ | 525,746 | $ | 237,049 | ||||
Fixed charges and preferred stock dividends: | ||||||||
Preferred dividend requirements | $ | 175 | $ | 87 | ||||
Ratio of income before provision for income taxes to net income | 159 | % | 157 | % | ||||
Preferred dividend factor on pretax basis | 278 | 137 | ||||||
Fixed Charges: | ||||||||
Interest expense | 407,500 | 334,866 | ||||||
Capitalized interest | 2,106 | 1,474 | ||||||
Interest factors of rents | 884 | 795 | ||||||
Fixed charges as adjusted (B) | 410,490 | 337,135 | ||||||
Fixed charges and preferred stock dividends (C) | $ | 410,768 | $ | 337,272 | ||||
Ratio of earnings to fixed charges ((A) divided by (B)) | 1.28x | — | (a) | |||||
Ratio of earnings to fixed charges and preferred stock dividends ((A) divided by (C)) | 1.28x | — | ||||||
(a) | In the three months ended March 31, 2010, earnings were insufficient to cover fixed charges by $100.1 million due to non-cash impairment and lease related charges aggregating $437.4 million. |
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