NEWCOURT CREDIT GROUP INC.
COMPUTATION OF RATIO OF EARNINGS TO
FIXED CHARGES
(In Thousands of Canadian Dollars)
Year Ended
December 31,
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1998 1997 1996 1995 1994
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Earnings from continuing
operations:
Income from continuing
operations before
income taxes $ 472,093 $ 16,074 $ 64,150 $ 34,582 $ 22,621
Deduct undistributed
earnings on equity
investments, net of -- -- -- -- --
losses
Add fixed charges
included in income
before income taxes
and cumulative effect
of accounting change 995,374 148,463 106,457 65,681 40,778
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Total earnings from
continuing
operations, as
adjusted $1,467,467 $164,537 $170,607 $100,263 $ 63,399
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Total fixed charges(1) $ 995,374 $148,463 $106,457 $ 65,681 $ 40,778
Ratio of earnings
to fixed charges 1.47 1.11 1.60 1.53 1.55
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(1) Fixed charges include interest on indebtedness and the portion of rentals
representative of the interest factor. Fixed charges do not include
distributions on Company-obligated preferred securities of the Company's
subsidiaries.