EX-12.1 2 cit-09302017xexhibit121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


EXHIBIT 12.1
CIT Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (dollars in millions)
 
 
 
 
 
 
 
 
 
 
 
Quarters Ended
 
Nine Months Ended
Earnings:
September 30, 2017
 
June 30, 2017
 
September 30, 2016
 
September 30, 2017
 
September 30, 2016
Net income
$
219.6

 
$
156.7

 
$
131.5

 
$
556.2

 
$
294.5

Provision (benefit) for income taxes - continuing operations
(119.8
)
 
(31.9
)
 
54.5

 
(95.5
)
 
210.1

(Income) loss from discontinued operations, net of taxes
3.2

 
(115.5
)
 
(37.3
)
 
(214.0
)
 
(51.3
)
Income from continuing operations, before provision (benefit) or income taxes
103.0

 
9.3

 
148.7

 
246.7

 
453.3

Fixed Charges:
 
 
 
 
 
 
 
 
 
Interest and debt expenses on indebtedness
176.7

 
209.2

 
188.2

 
549.0

 
574.8

Interest factor: one-third of rentals on real and personal properties
3.8

 
3.5

 
4.2

 
10.9

 
11.8

Total fixed charges for computation of ratio
180.5

 
212.7

 
192.4

 
559.9

 
586.6

Total earnings before provision (benefit) for income taxes and fixed charges
$
283.5

 
$
222.0

 
$
341.1

 
$
806.6

 
$
1,039.9

Ratios of earnings to fixed charges
1.57x

 
1.04x

 
1.77x

 
1.44x

 
1.77x