EX-12.1 2 ex12-1.htm EX-12.1 Unassociated Document

EXHIBIT 12.1

CIT Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (dollars in millions)

        Quarters Ended
    
                    Six Months Ended
June 30,
    
        June 30,
2013
     March 31,
2013
     June 30,
2012
     2013
     2012
Earnings:
                                                                                   
Net income (loss)
               $ 183.6          $ 162.6          $ (72.9 )         $ 346.2          $ (499.9 )  
Provision for income taxes
                  32.2             15.2             45.4             47.4             85.7   
Income (loss) before provision for income taxes
                  215.8             177.8             (27.5 )            393.6             (414.2 )  
Fixed Charges:
                                                                                   
Interest and debt expenses on indebtedness
                  281.4             291.9             634.2             573.3             1,714.8   
Interest factor: one-third of rentals on real and personal properties
                  1.7             2.7             1.9             4.4             3.9   
Total fixed charges for computation of ratio
                  283.1             294.6             636.1             577.7             1,718.7   
Total earnings before provision for income taxes and fixed charges
               $ 498.9          $ 472.4          $ 608.6          $ 971.3          $ 1,304.5   
Ratios of earnings to fixed charges
                  1.76 x            1.60 x            (1)             1.68 x            (1)   
 
(1)  
   Earnings were insufficient to cover fixed charges by $27.5 million and $414.2 million for the quarter and six months ended June 30, 2012, respectively.