EX-12.1 3 a2071376zex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 CIT GROUP INC. AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES ($ IN MILLIONS)
QUARTERS ENDED NINE MONTHS DECEMBER 31, ENDED YEARS ENDED DECEMBER 31, --------------------------- SEPTEMBER 30, ----------------------------- 2001 2000 2001 2000 1999 ----------- ------------- ------------- ------------- ------------- (SUCCESSOR) (PREDECESSOR) (COMBINED) (PREDECESSOR) (PREDECESSOR) Net income.................... $239.1 $160.1 $ 333.8 $ 611.6 $ 389.4 Provision for income taxes.... 146.6 97.4 274.2 373.9 207.6 ------ ------ -------- -------- -------- Earnings before provision for income taxes................ 385.7 257.5 608.0 985.5 597.0 ------ ------ -------- -------- -------- Fixed charges: Interest and debt expenses on indebtedness........... 349.1 652.2 1,619.8 2,497.7 1,293.4 Minority interest in subsidiary trust holding solely debentures of the Company, before tax....... 3.7 4.8 14.4 19.2 19.2 Interest factor--one-third of rentals on real and personal properties....... 4.0 4.4 13.5 19.6 10.6 ------ ------ -------- -------- -------- Total fixed charges........... 356.8 661.4 1,647.7 2,536.5 1,323.2 ------ ------ -------- -------- -------- Total earnings before provisions for income taxes and fixed charges... $742.5 $918.9 $2,255.7 $3,522.0 $1,920.2 ====== ====== ======== ======== ======== Ratios of earnings to fixed charges..................... 2.08x 1.39x 1.37x 1.39x 1.45x