International Lease Finance 10-K 2007 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,
	2007			2006			2005			2004			2003
	(Dollars in thousands)
Earnings
Net income	$	604,366		$	499,267		$	438,349		$	462,006		$	435,481
Add:
Provision for income taxes(a)		310,519			216,840			235,834			206,101			196,683
Fixed charges		1,653,288			1,520,777			1,221,671			989,314			981,306
Less:
Capitalized interest		(37,192	)		(48,038	)		(54,097	)		(48,390	)		(49,679	)
Earnings as adjusted (A)	$	2,530,981		$	2,188,846		$	1,841,757		$	1,609,031		$	1,563,791
Preferred dividend requirements	$	5,346		$	5,421		$	4,650		$	3,826		$	3,891
Ratio of income before provision for income taxes to net income		151	%		143	%		154	%		145	%		145	%
Preferred dividend factor on pretax basis		8,072			7,752			7,161			5,548			5,642
Fixed charges
Interest expense		1,612,886			1,469,650			1,164,432			936,517			919,961
Capitalized interest		37,192			48,038			54,097			48,390			49,679
Interest factor of rents		3,210			3,089			3,142			4,407			11,666
Fixed charges as adjusted (B)		1,653,288			1,520,777			1,221,671			989,314			981,306
Fixed charges and preferred stock dividends (C)		1,661,360			1,528,529			1,228,832		$	994,862		$	986,948
Ratio of earnings to fixed charges ((A) divided by (B))		1.53x			1.44x			1.51x			1.63x			1.59x
Ratio of earnings to fixed charges and preferred stock dividends ((A) divided by (C))		1.52x			1.43x			1.50x			1.62x			1.58x

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

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