International Lease Finance 10-K 2006 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,
	2006			2005			2004			2003			2002
	(Dollars in thousands)
Earnings
Net income	$	499,267		$	438,349		$	462,006		$	435,481		$	417,406
Add:
Provision for income taxes(a)		216,840			235,834			206,101			196,683			204,061
Fixed charges		1,520,777			1,221,671			989,314			981,306			949,985
Less:
Capitalized interest		(48,038	)		(54,097	)		(48,390	)		(49,679	)		(58,274	)
Earnings as adjusted (A)	$	2,188,846		$	1,841,757		$	1,609,031		$	1,563,791		$	1,513,178
Preferred dividend requirements	$	5,421		$	4,650		$	3,826		$	3,891		$	19,645
Ratio of income before provision for income taxes to net income		143	%		154	%		145	%		145	%		149	%
Preferred dividend factor on pretax basis		7,752			7,161			5,548			5,642			29,271
Fixed charges
Interest expense		1,469,650			1,164,432			936,517			919,961			866,853
Capitalized interest		48,038			54,097			48,390			49,679			58,274
Interest factor of rents		3,089			3,142			4,407			11,666			24,858
Fixed charges as adjusted (B)		1,520,777			1,221,671			989,314			981,306			949,985
Fixed charges and preferred stock dividends (C)		1,528,529			1,228,832		$	994,862		$	986,948		$	979,256
Ratio of earnings to fixed charges ((A) divided by (B))		1.44x			1.51x			1.63x			1.59x			1.59x
Ratio of earnings to fixed charges and preferred stock dividends ((A) divided by (C))		1.43x			1.50x			1.62x			1.58x			1.55x

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

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