EX-12.1 7 e62786ex12-1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Table of Contents

EXHIBIT 12.1

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

        Years Ended December 31,
    
        2014
     2013
     2012
     2011
     2010
Earnings:
Net income (loss)
               $ 1,130.0          $ 675.7          $ (592.3 )         $ 14.8          $ 521.3   
(Benefit) provision for income taxes—continuing operations
                  (397.9 )            83.9             116.7             157.0             236.7   
(Income) loss from discontinued operation, net of taxes
                  (52.5 )            (31.3 )            56.5             69.1             (18.4 )  
Earnings (loss) from continuing operations, before provision for income taxes
                  679.6             728.3             (419.1 )            240.9             739.6   
Fixed Charges:
                                                                                        
Interest and debt expenses on indebtedness
                  1,086.2             1,060.9             2,665.7             2,504.2             2,837.1   
Interest factor: one-third of rentals on real and personal properties
                  7.3             7.8             8.2             9.3             23.2   
Total fixed charges for computation of ratio
                  1,093.5             1,068.7             2,673.9             2,513.5             2,860.3   
Total earnings before provision for income taxes and fixed charges
               $ 1,773.1          $ 1,797.0          $ 2,254.8          $ 2,754.4          $ 3,599.9   
Ratios of earnings to fixed charges
                  1.62 x            1.68 x            (1)             1.10 x            1.26 x  
 
(1)    
   Earnings were insufficient to cover fixed charges by $419.1 million for the year ended December 31, 2012.