EX-12 4 a2207593zex-12.htm EX-12
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EXHIBIT 12

INTERNATIONAL LEASE FINANCE CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Unaudited)

 
   Years Ended December 31,  
 
   2011   2010   2009   2008   2007  
 
   (Dollars in thousands)
  

Earnings

                                

Net (loss) income

   $ (723,901 ) $ (495,668 ) $ 887,175   $ 696,045   $ 597,176  

Add:

                                

(Benefit) provision for income taxes

     (310,078 )   (268,968 )   495,989     387,766     306,364  

Fixed charges

     1,581,480     1,577,210     1,379,141     1,606,610     1,653,288  

Less:

                                

Capitalized interest

     (8,113 )   (6,539 )   (10,360 )   (26,597 )   (37,192 )
                       

Earnings as adjusted(A)

   $ 539,388   $ 806,035   $ 2,751,945   $ 2,663,824   $ 2,519,636  
                       

Preferred dividend requirements

   $ 544   $ 601   $ 3,830   $ 5,227   $ 5,346  

Ratio of (loss) income before (benefit) provision for income taxes to net (loss) income

     143 %   154 %   156 %   156 %   151 %
                       

Preferred dividend factor on pretax basis

     778     926     5,975     8,154     8,072  
                       

Fixed charges

                                

Interest expense

     1,569,468     1,567,369     1,365,490     1,576,664     1,612,886  

Capitalized interest

     8,113     6,539     10,360     26,597     37,192  

Interest factor of rents

     3,899     3,302     3,291     3,349     3,210  
                       

Fixed charges as adjusted(B)

     1,581,480     1,577,210     1,379,141     1,606,610     1,653,288  
                       

Fixed charges and preferred stock dividends(C)

     1,582,258     1,578,136     1,385,116     1,614,764     1,661,360  
                       

Ratio of earnings to fixed charges ((A) divided by(B))

     — (a)   — (a)   2.00x     1.66x     1.52x  
                       

Ratio of earnings to fixed charges and preferred stock dividends ((A) divided by(C))

     — (a)   — (a)   1.99x     1.65x     1.52x  
                       
(a)
In the twelve months ended December 31, 2011 and 2010, earnings were insufficient to cover fixed charges by $1,042.1 million and $771.2 million, respectively, due to non-cash impairment and lease related charges aggregating $1.7 billion and $1.8 billion, respectively.



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INTERNATIONAL LEASE FINANCE CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (Unaudited)