International Lease Finance 10-K 2005 FY Annual report

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,
	2005			2004			2003			2002			2001
	(Dollars in thousands)
Earnings
Net income	$	422,960		$	462,006		$	435,481		$	417,406		$	471,058
Add:
Provision for income taxes(a)		227,446			206,101			196,683			204,061			234,900
Fixed charges		1,211,379			990,917			981,306			949,985			933,861
Less:
Capitalized interest		54,097			48,390			49,679			58,274			58,845
Earnings as adjusted (A)	$	1,807,688		$	1,610,634		$	1,563,791		$	1,513,178		$	1,580,974
Preferred dividend requirements	$	4,650		$	3,826		$	3,891		$	19,645		$	14,624
Ratio of income before provision for income taxes to net income		154	%		145	%		145	%		149	%		150	%
Preferred dividend factor on pretax basis		7,161			5,548			5,642			29,271			21,936
Fixed charges
Interest expense		1,157,282			942,527			919,961			866,853			820,646
Capitalized interest		54,097			48,390			49,679			58,274			58,845
Interest factor of rents		—			—			11,666			24,858			54,370
Fixed charges as adjusted (B)		1,211,379			990,917			981,306			949,985			933,861
Fixed charges and preferred stock dividends (C)		1,218,540		$	996,465		$	986,948		$	979,256		$	955,797
Ratio of earnings to fixed charges ((A) divided by (B))		1.49x			1.63x			1.59x			1.59x			1.69x
Ratio of earnings to fixed charges and preferred stock dividends ((A) divided by (C))		1.48x			1.62x			1.58x			1.55x			1.65x

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

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