EXHIBIT 12.1
CIT GROUP INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
($ in millions)
Six Months
Ended June 30,
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2005 2004
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Net income ............................................... $ 431.1 $ 365.9
Provision for income taxes ............................... 235.8 233.9
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Earnings before provision for income taxes ............... 666.9 599.8
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Fixed charges:
Interest and debt expenses on indebtednes .............. 852.1 589.2
Minority interest in subsidiary trust holding
solely debentures of the company, before tax ......... 8.8 8.8
Interest factor-one-third of rentals on real and
personal properties .................................. 7.6 6.8
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Total fixed charges ...................................... 868.5 604.8
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Total earnings before provision for income taxes and
fixed charges ........................................ $1,535.4 $1,204.6
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Ratios of earnings to fixed charges(1) ................... 1.77x 1.99x
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(1) Excluding the gain from redemption of debt for the six months ended June 30,
2004, the ratio of earnings to fixed charges was 1.92x. This gain from debt
redemption is significant, does not occur on a regular basis, and is not
indicative of our ongoing operations.