EXHIBIT 12.1
CIT GROUP INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
($ IN MILLIONS)
Quarters Ended March 31,
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2004 2003
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Net income........................................... $189.3 $127.0
Provision for income taxes........................... 121.1 81.2
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Earnings before provision for income taxes........... 310.4 208.2
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Fixed charges:
Interest and debt expense on indebtedness.......... 293.6 354.7
Dividends on preferred capital securities.......... 4.4 4.4
Interest factor-one third of rentals on real and
personal properties............................. 3.5 3.9
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Total fixed charges.................................. 301.5 363.0
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Total earnings before provision for income taxes and
fixed charges..................................... $611.9 $571.2
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Ratios of earnings to fixed charges(1)............... 2.03x 1.57x
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(1) Excluding the gain from redemption of debt in the quarter ended March 31,
2004, the ratio of earnings to fixed charges was 1.89x. This gain from
debt redemption is significant, does not occur on a regular basis, and is
not indicative of our ongoing operations.