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INTERNATIONAL LEASE FINANCE CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Unaudited)
| Years Ended December 31, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||
| (Dollars in thousands) | |||||||||||||||
Earnings | ||||||||||||||||
Net (loss) income | $ | (723,901 | ) | $ | (495,668 | ) | $ | 887,175 | $ | 696,045 | $ | 597,176 | ||||
Add: | ||||||||||||||||
(Benefit) provision for income taxes | (310,078 | ) | (268,968 | ) | 495,989 | 387,766 | 306,364 | |||||||||
Fixed charges | 1,581,480 | 1,577,210 | 1,379,141 | 1,606,610 | 1,653,288 | |||||||||||
Less: | ||||||||||||||||
Capitalized interest | (8,113 | ) | (6,539 | ) | (10,360 | ) | (26,597 | ) | (37,192 | ) | ||||||
Earnings as adjusted(A) | $ | 539,388 | $ | 806,035 | $ | 2,751,945 | $ | 2,663,824 | $ | 2,519,636 | ||||||
Preferred dividend requirements | $ | 544 | $ | 601 | $ | 3,830 | $ | 5,227 | $ | 5,346 | ||||||
Ratio of (loss) income before (benefit) provision for income taxes to net (loss) income | 143 | % | 154 | % | 156 | % | 156 | % | 151 | % | ||||||
Preferred dividend factor on pretax basis | 778 | 926 | 5,975 | 8,154 | 8,072 | |||||||||||
Fixed charges | ||||||||||||||||
Interest expense | 1,569,468 | 1,567,369 | 1,365,490 | 1,576,664 | 1,612,886 | |||||||||||
Capitalized interest | 8,113 | 6,539 | 10,360 | 26,597 | 37,192 | |||||||||||
Interest factor of rents | 3,899 | 3,302 | 3,291 | 3,349 | 3,210 | |||||||||||
Fixed charges as adjusted(B) | 1,581,480 | 1,577,210 | 1,379,141 | 1,606,610 | 1,653,288 | |||||||||||
Fixed charges and preferred stock dividends(C) | 1,582,258 | 1,578,136 | 1,385,116 | 1,614,764 | 1,661,360 | |||||||||||
Ratio of earnings to fixed charges ((A) divided by(B)) | — | (a) | — | (a) | 2.00x | 1.66x | 1.52x | |||||||||
Ratio of earnings to fixed charges and preferred stock dividends ((A) divided by(C)) | — | (a) | — | (a) | 1.99x | 1.65x | 1.52x | |||||||||
- (a)
- In the twelve months ended December 31, 2011 and 2010, earnings were insufficient to cover fixed charges by $1,042.1 million and $771.2 million, respectively, due to non-cash impairment and lease related charges aggregating $1.7 billion and $1.8 billion, respectively.
INTERNATIONAL LEASE FINANCE CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Unaudited)