Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - INTERNATIONAL LEASE FINANCE CORP | v58495e10vk.htm |
| EX-23 - EX-23 - INTERNATIONAL LEASE FINANCE CORP | v58495exv23.htm |
| EX-31.2 - EX-31.2 - INTERNATIONAL LEASE FINANCE CORP | v58495exv31w2.htm |
| EX-32.1 - EX-32.1 - INTERNATIONAL LEASE FINANCE CORP | v58495exv32w1.htm |
| EX-31.1 - EX-31.1 - INTERNATIONAL LEASE FINANCE CORP | v58495exv31w1.htm |
EXHIBIT 12
INTERNATIONAL
LEASE FINANCE CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Unaudited)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Unaudited)
| Years Ended December 31, | ||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
|
Earnings
|
||||||||||||||||||||
|
Net income
|
$ | (383,758 | ) | $ | 895,629 | $ | 703,125 | $ | 604,366 | $ | 499,267 | |||||||||
|
Add:
|
||||||||||||||||||||
|
Provision for income taxes
|
(208,110 | ) | 500,538 | 391,596 | 310,519 | 216,840 | ||||||||||||||
|
Fixed charges
|
1,577,210 | 1,379,141 | 1,606,610 | 1,653,288 | 1,520,777 | |||||||||||||||
|
Less:
|
||||||||||||||||||||
|
Capitalized interest
|
(6,539 | ) | (10,360 | ) | (26,597 | ) | (37,192 | ) | (48,038 | ) | ||||||||||
|
Earnings as adjusted(A)
|
$ | 978,803 | $ | 2,764,948 | $ | 2,674,734 | $ | 2,530,981 | $ | 2,188,846 | ||||||||||
|
Preferred dividend requirements
|
$ | 601 | $ | 3,830 | $ | 5,227 | $ | 5,346 | $ | 5,421 | ||||||||||
|
Ratio of income before provision for income taxes to net income
|
154 | % | 156 | % | 156 | % | 151 | % | 143 | % | ||||||||||
|
Preferred dividend factor on pretax basis
|
926 | 5,975 | 8,154 | 8,072 | 7,752 | |||||||||||||||
|
Fixed charges
|
||||||||||||||||||||
|
Interest expense
|
1,567,369 | 1,365,490 | 1,576,664 | 1,612,886 | 1,469,650 | |||||||||||||||
|
Capitalized interest
|
6,539 | 10,360 | 26,597 | 37,192 | 48,038 | |||||||||||||||
|
Interest factor of rents
|
3,302 | 3,291 | 3,349 | 3,210 | 3,089 | |||||||||||||||
|
Fixed charges as adjusted(B)
|
1,577,210 | 1,379,141 | 1,606,610 | 1,653,288 | 1,520,777 | |||||||||||||||
|
Fixed charges and preferred stock dividends(C)
|
1,578,136 | 1,385,116 | 1,614,764 | 1,661,360 | 1,528,529 | |||||||||||||||
|
Ratio of earnings to fixed charges ((A) divided by(B))
|
— | 2.00 | x | 1.66 | x | 1.53 | x | 1.44x | ||||||||||||
|
Ratio of earnings to fixed charges and preferred stock dividends
((A) divided by(C))
|
— | 2.00 | x | 1.66 | x | 1.52 | x | 1.43x | ||||||||||||
| (a) | In the twelve months ended December 31, 2010, earnings were insufficient to cover fixed charges by $598.4 million due to non-cash aircraft impairment charges and fair value adjustments aggregating $1.5 billion and lease related charges aggregating $91.2 million. |
102