EX-12.1 4 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
    
                    Nine Months Ended
September 30,
    
        September 30,
2013
     June 30,
2013
     September 30,
2012
     2013
     2012
Earnings:
                                                                                   
Net income (loss)
               $ 199.6          $ 183.6          $ (299.2 )         $ 545.8          $ (799.1 )  
Provision for income taxes
                  13.9             32.2             3.9             61.3             89.6   
Income (loss) before provision for income taxes
                  213.5             215.8             (295.3 )            607.1             (709.5 )  
Fixed Charges:
                                                                                   
Interest and debt expenses on indebtedness
                  278.0             281.4             816.0             851.3             2,530.8   
Interest factor: one-third of rentals on real and personal properties
                  1.8             1.7             1.3             6.2             5.2   
Total fixed charges for computation of ratio
                  279.8             283.1             817.3             857.5             2,536.0   
Total earnings before provision for income taxes and fixed charges
               $ 493.3          $ 498.9          $ 522.0          $ 1,464.6          $ 1,826.5   
Ratios of earnings to fixed charges
                  1.76x             1.76x             (1)             1.71x             (1)   
 
(1)  
   Earnings were insufficient to cover fixed charges by $295.3 million and $709.5 million for the quarter and nine months ended September 30, 2012, respectively.