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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)


|                                                                                          |                                                     |                                                                     |       |            |         |            |       |            |         |            |       |           |         |   |       |           |         |   |       |           |         |  
|----------------------------------------------------------------------------------------- | --------------------------------------------------- | ------------------------------------------------------------------- | ----- | ---------- | ------- | ---------- | ----- | ---------- | ------- | ---------- | ----- | --------- | ------- | - | ----- | --------- | ------- | - | ----- | --------- | ------- | -
|                                                                                          |                                                     |                                                                    
|                                                                                          |                                                     | Years Ended December 31,                                           
|                                                                                          |                                                     |                                                                    
|                                                                                          |                                                     | 2004                                                                |       | 2003       |         | 2002       |       | 2001       |         | 2000      
|                                                                                          |                                                     |                                                                     |       |            |         |            |       |            |         |           
|                                                                                          |                                                     | (Restated)                                                          |       | (Restated) |         | (Restated) |       | (Restated) |         | (Restated)
|                                                                                          |                                                     |                                                                    
|                                                                                          |                                                     | (Dollars in thousands)                                             
|Earnings                                                                                  |                                                     |                                                                     |       |            |         |            |       |            |         |            |       |           |         |   |       |           |         |   |       |          
|                                                                                          | Net income                                          |                                                                     | $     | 462,006    |         |            | $     | 435,481    |         |            | $     | 417,406   |         |   | $     | 471,058   |         |   | $     | 441,529   |        
|                                                                                          | Add:                                                |                                                                     |       |            |         |            |       |            |         |            |       |           |         |   |       |           |         |   |       |           |        
|                                                                                          |                                                     | Provision for income taxes(a)                                       |       |            | 206,101 |            |       |            | 192,030 |            |       |           | 204,061 |   |       |           | 234,900 |   |       |           | 219,260 |  
|                                                                                          |                                                     | Fixed charges                                                       |       |            | 990,917 |            |       |            | 981,306 |            |       |           | 949,985 |   |       |           | 933,861 |   |       |           | 894,146 |  
|                                                                                          | Less:                                               |                                                                     |       |            |         |            |       |            |         |            |       |           |         |   |       |           |         |   |       |           |        
|                                                                                          |                                                     | Capitalized interest                                                |       |            | 48,390  |            |       |            | 49,679  |            |       |           | 58,274  |   |       |           | 58,845  |   |       |           | 50,019  |  
|                                                                                          |                                                     |                                                                     |       |            |         |            |       |            |         |            |       |           |         |   |       |           |         |   |       |          
|                                                                                          | Earnings as adjusted (A)                            |                                                                     | $     | 1,610,634  |         |            | $     | 1,559,138  |         |            | $     | 1,513,178 |         |   | $     | 1,580,974 |         |   | $     | 1,504,916 |        
|                                                                                          |                                                     |                                                                     |       |            |         |            |       |            |         |            |       |           |         |   |       |           |         |   |       |          
|                                                                                          | Preferred dividend requirements                     |                                                                     | $     | 3,826      |         |            | $     | 3,891      |         |            | $     | 19,645    |         |   | $     | 14,624    |         |   | $     | 18,570    |        
|                                                                                          |                                                     | Ratio of income before provision for income taxes
    to net income |       |            | 145     | %          |       |            | 144     | %          |       |           | 149     | % |       |           | 150     | % |       |           | 150     | %
|                                                                                          |                                                     |                                                                     |       |            |         |            |       |            |         |            |       |           |         |   |       |           |         |   |       |          
|                                                                                          |                                                     | Preferred dividend factor on pretax basis                           |       |            | 5,548   |            |       |            | 5,603   |            |       |           | 29,271  |   |       |           | 21,936  |   |       |           | 27,855  |  
|                                                                                          |                                                     |                                                                     |       |            |         |            |       |            |         |            |       |           |         |   |       |           |         |   |       |          
|                                                                                          | Fixed charges                                       |                                                                     |       |            |         |            |       |            |         |            |       |           |         |   |       |           |         |   |       |           |        
|                                                                                          |                                                     | Interest expense                                                    |       |            | 942,527 |            |       |            | 919,961 |            |       |           | 866,853 |   |       |           | 820,646 |   |       |           | 773,539 |  
|                                                                                          |                                                     | Capitalized interest                                                |       |            | 48,390  |            |       |            | 49,679  |            |       |           | 58,274  |   |       |           | 58,845  |   |       |           | 50,019  |  
|                                                                                          |                                                     | Interest factor of rents                                            |       |            |        |            |       |            | 11,666  |            |       |           | 24,858  |   |       |           | 54,370  |   |       |           | 70,588  |  
|                                                                                          |                                                     |                                                                     |       |            |         |            |       |            |         |            |       |           |         |   |       |           |         |   |       |          
|                                                                                          | Fixed charges as adjusted (B)                       |                                                                     |       | 990,917    |         |            |       | 981,306    |         |            |       | 949,985   |         |   |       | 933,861   |         |   |       | 894,146   |        
|                                                                                          |                                                     |                                                                     |       |            |         |            |       |            |         |            |       |           |         |   |       |           |         |   |       |          
|                                                                                          | Fixed charges and preferred stock
    dividends (C) |                                                                     | $     | 996,465    |         |            | $     | 986,909    |         |            | $     | 979,256   |         |   | $     | 955,797   |         |   | $     | 922,001   |        
|                                                                                          |                                                     |                                                                     |       |            |         |            |       |            |         |            |       |           |         |   |       |           |         |   |       |          
|Ratio of earnings to fixed charges ((A) divided
    by (B))                               |                                                     |                                                                     | 1.63x |            |         |            | 1.59x |            |         |            | 1.59x |           |         |   | 1.69x |           |         |   | 1.68x |          
|                                                                                          |                                                     |                                                                     |       |            |         |            |       |            |         |            |       |           |         |   |       |           |         |   |       |          
|Ratio of earnings to fixed charges and preferred
    stock dividends ((A) divided by (C)) |                                                     |                                                                     | 1.62x |            |         |            | 1.58x |            |         |            | 1.55x |           |         |   | 1.65x |           |         |   | 1.63x |          
|                                                                                          |                                                     |                                                                     |       |            |         |            |       |            |         |            |       |           |         |   |       |           |         |   |       |          






|    |  |                                                                                          
|--- |  | -----------------------------------------------------------------------------------------
|(a) |  | 2001 and 2003 include income taxes related to
    cumulative effect of accounting change.

See Note B of Notes to Consolidated
Financial Statements for a discussion of the restatement.

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