EX-12 2 a2218677zex-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)

 
   2013   2012   2011   2010   2009  
 
   (Dollars in thousands)
  

Earnings:

                                

Net (Loss) Income

   $ (517,083 ) $ 410,322   $ (723,901 ) $ (495,668 ) $ 887,175  

Add:

                                

(Benefit) provision for income taxes

     (279,401 )   (39,231 )   (310,078 )   (268,968 )   495,989  

Fixed charges

     1,456,055     1,576,700     1,581,480     1,577,210     1,379,141  

Less:

                                

Capitalized interest

     (24,052 )   (16,146 )   (8,113 )   (6,539 )   (10,360 )
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings as adjusted (A)

   $ 635,519   $ 1,931,645   $ 539,388   $ 806,035   $ 2,751,945  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Fixed charges and preferred stock dividends:

                                

Preferred dividend requirements

     336   $ 420   $ 544   $ 601   $ 3,830  

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

     154 %   90 %   143 %   154 %   156 %
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Preferred dividend factor on pretax basis

     517     378     778     926     5,975  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed Charges:

                                

Interest expense

     1,426,900     1,555,567     1,569,468     1,567,369     1,365,490  

Capitalized interest

     24,052     16,146     8,113     6,539     10,360  

Interest factors of rents

     5,103     4,987     3,899     3,302     3,291  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges as adjusted (B)

     1,456,055     1,576,700     1,581,480     1,577,210     1,379,141  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Fixed charges and preferred stock dividends (C)

   $ 1,456,572   $ 1,577,078   $ 1,582,258   $ 1,578,136   $ 1,385,116  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

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

     — (a)   1.23x     — (a)   — (a)   2.00x  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

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

     — (a)   1.22x     — (a)   — (a)   1.99x  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
(a)
In the twelve months ended December 31, 2013, 2011 and 2010, earnings were insufficient to cover fixed charges and preferred stock dividends by $821.1 million, $1,042.9 million and $772.1 million, respectively, primarily due to non-cash impairment and lease related charges aggregating $1.4 billion, $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)