EX-12.1 4 e74066ex12-1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

EXHIBIT 12.1

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

        Quarters Ended
    
        March 31,
2017
     December 31,
2016
     March 31,
2016
Earnings:
                                                     
Net income (loss)
               $ 179.9          $ (1,142.5 )         $ 146.0   
Provision (benefit) for income taxes — continuing operations
                  56.2             (6.6 )            44.4   
Loss (income) from discontinued operation, net of taxes
                  (101.7 )            716.7             (85.0 )  
Income (loss) from continuing operations, before provision (benefit) or income taxes
                  134.4             (432.4 )            105.4   
Fixed Charges:
                                                        
Interest and debt expenses on indebtedness
                  163.1             178.4             195.0   
Interest factor: one-third of rentals on real and personal properties
                  3.6             3.7             3.1   
Total fixed charges for computation of ratio
                  166.7             182.1             198.1   
Total earnings (loss) before provision (benefit) for income taxes and fixed charges
               $ 301.1          $ (250.3 )         $ 303.5   
Ratios of earnings to fixed charges
                  1.81 x            (1 )            1.53 x  
(1)  
   Earnings were insufficient to cover fixed charges by $432.4 million for the quarter ended December 31, 2016.