International Lease Finance 10-K/A 2004 FY Annual report (amended)

EXHIBIT 12

INTERNATIONAL LEASE FINANCE CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(Unaudited)

			Years Ended December 31,
			2004			2003			2002			2001			2000
			(Restated)			(Restated)			(Restated)			(Restated)			(Restated)
			(Dollars in thousands)
Earnings
	Net income		$	462,006		$	435,481		$	417,406		$	471,058		$	441,529
	Add:
		Provision for income taxes(a)		206,101			192,030			204,061			234,900			219,260
		Fixed charges		990,917			981,306			949,985			933,861			894,146
	Less:
		Capitalized interest		48,390			49,679			58,274			58,845			50,019
	Earnings as adjusted (A)		$	1,610,634		$	1,559,138		$	1,513,178		$	1,580,974		$	1,504,916
	Preferred dividend requirements		$	3,826		$	3,891		$	19,645		$	14,624		$	18,570
		Ratio of income before provision for income taxes to net income		145	%		144	%		149	%		150	%		150	%
		Preferred dividend factor on pretax basis		5,548			5,603			29,271			21,936			27,855
	Fixed charges
		Interest expense		942,527			919,961			866,853			820,646			773,539
		Capitalized interest		48,390			49,679			58,274			58,845			50,019
		Interest factor of rents		—			11,666			24,858			54,370			70,588
	Fixed charges as adjusted (B)			990,917			981,306			949,985			933,861			894,146
	Fixed charges and preferred stock dividends (C)		$	996,465		$	986,909		$	979,256		$	955,797		$	922,001
Ratio of earnings to fixed charges ((A) divided by (B))				1.63x			1.59x			1.59x			1.69x			1.68x
Ratio of earnings to fixed charges and preferred stock dividends ((A) divided by (C))				1.62x			1.58x			1.55x			1.65x			1.63x

(a) 2001 and 2003 include income taxes related to cumulative effect of accounting change.

     See Note B ofNotes to Consolidated Financial Statements for a discussion of the restatement.

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