EX-12 3 a2055810zex-12.txt EXHIBIT 12 EXHIBIT 12 THE CIT GROUP, INC. AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES ($ IN MILLIONS)
JANUARY 1 JUNE 2 FOR THE SIX THROUGH THROUGH MONTHS ENDED JUNE 1, 2001 JUNE 30, 2001 JUNE 30, 2000 ------------- -------------- -------------- (PREDECESSOR) (SUCCESSOR) (PREDECESSOR) Net income........................................... $ 81.3 $ 71.2 $ 295.3 Provision for income taxes........................... 82.0 53.2 181.5 -------- ------ -------- Earnings before provision for income taxes........... 163.3 124.4 476.8 -------- ------ -------- Fixed charges: Interest and debt expense on indebtedness.......... 1,022.7 161.8 1,202.8 Minority interest in subsidiary trust holding solely debentures of the Company........................ 8.0 1.6 9.6 Interest factor--one third of rentals on real and personal properties.............................. 7.5 1.5 11.1 -------- ------ -------- Total fixed charges.................................. 1,038.2 164.9 1,223.5 -------- ------ -------- Total earnings before provision for income taxes and fixed charges.................................. $1,201.5 $289.3 $1,700.3 ======== ====== ======== Ratios of earnings to fixed charges.................. 1.16x 1.75x 1.39x Ratios of earnings to fixed charges excluding goodwill amortization and non-recurring charges............. 1.41x 1.84x 1.42x