EX-12 7 0007.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES EXHIBIT 12 THE CIT GROUP, INC. AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Years Ended December 31, -------------------------------- Dollars in Millions 2000 1999 1998 -------- -------- -------- Net income .................................................. $ 611.6 $ 389.4 $ 338.8 Provision for income taxes .................................. 373.9 207.6 185.0 -------- -------- -------- Earnings before provision for income taxes .................. 985.5 597.0 523.8 -------- -------- -------- Fixed charges: Interest and debt expenses on indebtedness ................ 2,497.7 1,293.4 1,040.8 Minority interest in subsidiary trust holding solely debentures of the Company ............................... 19.2 19.2 19.2 Interest factor-- one-third of rentals on real and personal properties .............................................. 19.6 10.6 7.9 -------- -------- -------- Total fixed charges ......................................... 2,536.5 1,323.2 1,067.9 -------- -------- -------- Total earnings before provisions for income taxes and fixed charges ............................................ $3,522.0 $1,920.2 $1,591.7 ======== ======== ======== Ratios of Earnings to Fixed Charges ......................... 1.39x 1.45x 1.49x