EX-12 2 a2213282zex-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)

 
   2012   2011   2010   2009   2008  
 
   (Dollars in thousands)
  

Earnings:

                                

Net Income (Loss)

   $ 410,322   $ (723,901 ) $ (495,668 ) $ 887,175   $ 696,045  

Add:

                                

(Benefit) provision for income taxes

     (39,231 )   (310,078 )   (268,968 )   495,989     387,766  

Fixed charges

     1,576,700     1,581,480     1,577,210     1,379,141     1,606,610  

Less:

                                

Capitalized interest

     (16,146 )   (8,113 )   (6,539 )   (10,360 )   (26,597 )
                       

Earnings as adjusted (A)

   $ 1,931,645   $ 539,388   $ 806,035   $ 2,751,945   $ 2,663,824  
                       

Fixed charges and preferred stock dividends:

                                

Preferred dividend requirements

   $ 420   $ 544   $ 601   $ 3,830   $ 5,227  

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

    
90
%		  
143
%		  
154
%		  
156
%		  
156
%
                       

Preferred dividend factor on pretax basis

     378     778     926     5,975     8,154  
                       

Fixed Charges:

                                

Interest expense

     1,555,567     1,569,468     1,567,369     1,365,490     1,576,664  

Capitalized interest

     16,146     8,113     6,539     10,360     26,597  

Interest factors of rents

     4,987     3,899     3,302     3,291     3,349  
                       

Fixed charges as adjusted (B)

     1,576,700     1,581,480     1,577,210     1,379,141     1,606,610  
                       

Fixed charges and preferred stock dividends (C)

   $ 1,577,078   $ 1,582,258   $ 1,578,136   $ 1,385,116   $ 1,614,764  
                       

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

     1.23x     — (a)   — (a)   2.00x     1.66x  
                       

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

     1.22x     — (a)   — (a)   1.99x     1.65x  
                       
(a)
In the twelve months ended December 31, 2011 and 2010, earnings were insufficient to cover fixed charges by $1,042.1 million and $771.2 million, respectively, due to non-cash impairment and lease related charges aggregating $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)