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, 2005 AND 2004
(Dollars in thousands)
| | | | | | | | |
| | Restated | | Restated |
| | 2005 | | 2004 |
| | (Unaudited) |
Earnings: | | | | | | | | |
Net Income | | $ | 128,922 | | | $ | 129,108 | |
Add: | | | | | | | | |
Provision for income taxes | | | 60,096 | | | | 60,636 | |
Fixed charges | | | 254,913 | | | | 241,221 | |
Less: | | | | | | | | |
Capitalized interest | | | (14,507 | ) | | | (12,712 | ) |
| | | | | | | | |
Earnings as adjusted (A) | | $ | 429,424 | | | $ | 418,253 | |
| | | | | | | | |
| | | | | | | | |
Preferred dividend requirements | | $ | 976 | | | $ | 964 | |
Ratio of income before provision for income taxes to net income | | | 147 | % | | | 147 | % |
| | | | | | | | |
Preferred dividend factor on pretax basis | | | 1,435 | | | | 1,417 | |
| | | | | | | | |
Fixed Charges: | | | | | | | | |
Interest expense | | | 240,406 | | | | 228,509 | |
Capitalized interest | | | 14,507 | | | | 12,712 | |
| | | | | | | | |
Fixed charges as adjusted (B) | | | 254,913 | | | | 241,221 | |
| | | | | | | | |
| | | | | | | | |
Fixed charges and preferred stock dividends (C) | | $ | 256,348 | | | $ | 242,638 | |
| | | | | | | | |
| | | | | | | | |
Ratio of earnings to fixed charges (A) divided by (B) | | | 1.68 | x | | | 1.73 | x |
| | | | | | | | |
| | | | | | | | |
Ratio of earnings to fixed charges and preferred stock dividends (A) divided by (C) | | | 1.68 | x | | | 1.72 | x |
| | | | | | | | |
See Note B to the Condensed Consolidated Financial Statements.
-30-