EX-12 3 a2081801zex-12.txt EXHIBIT 12 EXHIBIT 12 CIT GROUP INC. AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES ($ IN MILLIONS)
FOR THE SIX MONTHS ENDED FOR THE SIX MONTHS ENDED MARCH 31, 2002 MARCH 31, 2001 ------------------ ------------------------ (SUCCESSOR) (PREDECESSOR) (RESTATED) Net (loss) income..................................... $(4,116.4) $ 320.2 Provision for income taxes............................ 243.3 194.5 --------- -------- (Loss) earnings before provision for income taxes..... (3,873.1) 514.7 --------- -------- Fixed charges: Interest and debt expense on indebtedness........... 721.3 1,277.9 Minority interest in subsidiary trust holding solely debentures of the Company......................... 8.1 9.6 Interest factor-one third of rentals on real and personal properties............................... 7.8 9.0 --------- -------- Total fixed charges................................... 737.2 1,296.5 --------- -------- Total (loss) earnings before provision for income taxes and fixed charges............................. $(3,135.9) $1,811.2 --------- -------- Ratios of earnings to fixed charges................... (1) 1.40x ========= ========
------------------------ (1) Earnings were insufficient to cover fixed charges by $3,873.1 million in the six months ended March 31, 2002. Earnings for the six months ended March 31, 2002 included an estimated goodwill impairment charge of $4,512.7 million in accordance with SFAS 142, "Goodwill and Other Intangible Assets."