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, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Net income | $ | 703,125 | $ | 604,366 | $ | 499,267 | $ | 438,349 | $ | 462,006 | ||||||||||
Add: | ||||||||||||||||||||
Provision for income taxes | 391,596 | 310,519 | 216,840 | 235,834 | 206,101 | |||||||||||||||
Fixed charges | 1,606,610 | 1,653,288 | 1,520,777 | 1,221,671 | 989,314 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | (26,597 | ) | (37,192 | ) | (48,038 | ) | (54,097 | ) | (48,390 | ) | ||||||||||
Earnings as adjusted (A) | $ | 2,674,734 | $ | 2,530,981 | $ | 2,188,846 | $ | 1,841,757 | $ | 1,609,031 | ||||||||||
Preferred dividend requirements | $ | 5,227 | $ | 5,346 | $ | 5,421 | $ | 4,650 | $ | 3,826 | ||||||||||
Ratio of income before provision for income taxes to net income | 156 | % | 151 | % | 143 | % | 154 | % | 145 | % | ||||||||||
Preferred dividend factor on pretax basis | 8,154 | 8,072 | 7,752 | 7,161 | 5,548 | |||||||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | 1,576,664 | 1,612,886 | 1,469,650 | 1,164,432 | 936,517 | |||||||||||||||
Capitalized interest | 26,597 | 37,192 | 48,038 | 54,097 | 48,390 | |||||||||||||||
Interest factor of rents | 3,349 | 3,210 | 3,089 | 3,142 | 4,407 | |||||||||||||||
Fixed charges as adjusted (B) | 1,606,610 | 1,653,288 | 1,520,777 | 1,221,671 | 989,314 | |||||||||||||||
Fixed charges and preferred stock dividends (C) | 1,614,764 | 1,661,360 | 1,528,529 | 1,228,832 | $ | 994,862 | ||||||||||||||
Ratio of earnings to fixed charges ((A) divided by (B)) | 1.66x | 1.53x | 1.44x | 1.51x | 1.63x | |||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends ((A) divided by (C)) | 1.66x | 1.52x | 1.43x | 1.50x | 1.62x | |||||||||||||||
81