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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2005 2004
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Net income ............................................... $210.4 $189.3
Provision for income taxes ............................... 122.8 121.1
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Earnings before provision for income taxes ............... 333.2 310.4
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Fixed charges:
Interest and debt expenses on indebtedness ............ 389.8 293.6
Minority interest in subsidiary trust holding
Solely debentures of the Company, before tax ........ 4.4 4.4
Interest factor-one-third of rentals on real and
personal properties ................................. 3.6 3.5
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Total fixed charges ...................................... 397.8 301.5
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Total earnings before provisions for income
taxes and fixed charges ............................. $731.0 $611.9
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Ratios of earnings to fixed charges(1) ................... 1.84x 2.03x
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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.