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INTERNATIONAL LEASE FINANCE CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Unaudited)
| 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | |||||||||||||||
Earnings: | ||||||||||||||||
Net (Loss) Income | $ | (517,083 | ) | $ | 410,322 | $ | (723,901 | ) | $ | (495,668 | ) | $ | 887,175 | |||
Add: | ||||||||||||||||
(Benefit) provision for income taxes | (279,401 | ) | (39,231 | ) | (310,078 | ) | (268,968 | ) | 495,989 | |||||||
Fixed charges | 1,456,055 | 1,576,700 | 1,581,480 | 1,577,210 | 1,379,141 | |||||||||||
Less: | ||||||||||||||||
Capitalized interest | (24,052 | ) | (16,146 | ) | (8,113 | ) | (6,539 | ) | (10,360 | ) | ||||||
| | | | | | | | | | | | | | | | |
Earnings as adjusted (A) | $ | 635,519 | $ | 1,931,645 | $ | 539,388 | $ | 806,035 | $ | 2,751,945 | ||||||
| | | | | | | | | | | | | | | | |
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Fixed charges and preferred stock dividends: | ||||||||||||||||
Preferred dividend requirements | 336 | $ | 420 | $ | 544 | $ | 601 | $ | 3,830 | |||||||
Ratio of (loss) income before (benefit) provision for income taxes to net (loss) income | 154 | % | 90 | % | 143 | % | 154 | % | 156 | % | ||||||
| | | | | | | | | | | | | | | | |
Preferred dividend factor on pretax basis | 517 | 378 | 778 | 926 | 5,975 | |||||||||||
| | | | | | | | | | | | | | | | |
Fixed Charges: | ||||||||||||||||
Interest expense | 1,426,900 | 1,555,567 | 1,569,468 | 1,567,369 | 1,365,490 | |||||||||||
Capitalized interest | 24,052 | 16,146 | 8,113 | 6,539 | 10,360 | |||||||||||
Interest factors of rents | 5,103 | 4,987 | 3,899 | 3,302 | 3,291 | |||||||||||
| | | | | | | | | | | | | | | | |
Fixed charges as adjusted (B) | 1,456,055 | 1,576,700 | 1,581,480 | 1,577,210 | 1,379,141 | |||||||||||
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Fixed charges and preferred stock dividends (C) | $ | 1,456,572 | $ | 1,577,078 | $ | 1,582,258 | $ | 1,578,136 | $ | 1,385,116 | ||||||
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Ratio of earnings to fixed charges ((A) divided by (B)) | — | (a) | 1.23x | — | (a) | — | (a) | 2.00x | ||||||||
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| | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges and preferred stock dividends ((A) divided by (C)) | — | (a) | 1.22x | — | (a) | — | (a) | 1.99x | ||||||||
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- (a)
- In the twelve months ended December 31, 2013, 2011 and 2010, earnings were insufficient to cover fixed charges and preferred stock dividends by $821.1 million, $1,042.9 million and $772.1 million, respectively, primarily due to non-cash impairment and lease related charges aggregating $1.4 billion, $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)