EX-12.1 5 d29436_ex12-1.htm EX-12.1 Unassociated Document

EXHIBIT 12.1

CIT Group Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (dollars in millions)

        Quarters Ended March 31,
    
        2012
     2011
Earnings:
                                      
Net income (loss)
               $ (446.5 )         $ 65.6   
Provision for income taxes
                  39.9             62.2   
Income (loss) before provision for income taxes
                  (406.6 )            127.8   
Fixed Charges:
                                      
Interest and debt expenses on indebtedness
                  1,079.7             698.6   
Interest factor: one-third of rentals on real and personal properties
                  2.1             2.2   
Total Fixed Charges:
                  1,081.8             700.8   
Total earnings before provision for income taxes and fixed charges
               $ 675.2          $ 828.6   
Ratios of earnings to fixed charges
                  (1 )            1.18 x  
 
(1)
   Earnings were insufficient to cover fixed charges by $406.6 million for the quarter ended March 31, 2012.