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EXHIBIT 12

INTERNATIONAL LEASE FINANCE CORPORATION AND
SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED
CHARGES

AND PREFERRED STOCK DIVIDENDS


|                                                                                          |                                                     |                                                                     |      |           |         |          |      |           |         |          |      |           |         |   |       |           |         |   |      |           |         |  
|----------------------------------------------------------------------------------------- | --------------------------------------------------- | ------------------------------------------------------------------- | ---- | --------- | ------- | -------- | ---- | --------- | ------- | -------- | ---- | --------- | ------- | - | ----- | --------- | ------- | - | ---- | --------- | ------- | -
|                                                                                          |                                                     |                                                                    
|                                                                                          |                                                     | Years Ended December 31,                                           
|                                                                                          |                                                     |                                                                    
|                                                                                          |                                                     | Restated                                                            |      | Restated  |         | Restated |      | Restated  |         | Restated
|                                                                                          |                                                     | 2002                                                                |      | 2001      |         | 2000     |      | 1999      |         | 1998    
|                                                                                          |                                                     |                                                                     |      |           |         |          |      |           |         |         
|                                                                                          |                                                     |                                                                    
|                                                                                          |                                                     | (Dollars in thousands)                                             
|Earnings                                                                                  |                                                     |                                                                     |      |           |         |          |      |           |         |          |      |           |         |   |       |           |         |   |      |          
|                                                                                          | Net income                                          |                                                                     | $    | 528,524   |         |          | $    | 517,091   |         |          | $    | 470,889   |         |   | $     | 461,629   |         |   | $    | 373,524   |        
|                                                                                          | Add:                                                |                                                                     |      |           |         |          |      |           |         |          |      |           |         |   |       |           |         |   |      |           |        
|                                                                                          |                                                     | Provision for income taxes(a)                                       |      |           | 264,779 |          |      |           | 259,999 |          |      |           | 235,304 |   |       |           | 241,776 |   |      |           | 188,750 |  
|                                                                                          |                                                     | Fixed charges                                                       |      |           | 929,485 |          |      |           | 905,826 |          |      |           | 894,146 |   |       |           | 807,495 |   |      |           | 778,817 |  
|                                                                                          | Less:                                               |                                                                     |      |           |         |          |      |           |         |          |      |           |         |   |       |           |         |   |      |           |        
|                                                                                          |                                                     | Capitalized interest                                                |      |           | 58,274  |          |      |           | 58,845  |          |      |           | 50,019  |   |       |           | 45,235  |   |      |           | 54,297  |  
|                                                                                          |                                                     |                                                                     |      |           |         |          |      |           |         |          |      |           |         |   |       |           |         |   |      |          
|                                                                                          | Earnings as adjusted (A)                            |                                                                     | $    | 1,664,514 |         |          | $    | 1,624,071 |         |          | $    | 1,550,320 |         |   | $     | 1,465,665 |         |   | $    | 1,286,794 |        
|                                                                                          |                                                     |                                                                     |      |           |         |          |      |           |         |          |      |           |         |   |       |           |         |   |      |          
|                                                                                          | Preferred dividend requirements                     |                                                                     | $    | 19,645    |         |          | $    | 14,624    |         |          | $    | 18,570    |         |   | $     | 18,131    |         |   | $    | 16,965    |        
|                                                                                          |                                                     | Ratio of income before provision for income taxes
    to net income |      |           | 150     | %        |      |           | 150     | %        |      |           | 150     | % |       |           | 152     | % |      |           | 151     | %
|                                                                                          |                                                     |                                                                     |      |           |         |          |      |           |         |          |      |           |         |   |       |           |         |   |      |          
|                                                                                          |                                                     | Preferred dividend factor on pretax basis                           |      |           | 29,468  |          |      |           | 21,936  |          |      |           | 27,855  |   |       |           | 27,559  |   |      |           | 25,617  |  
|                                                                                          |                                                     |                                                                     |      |           |         |          |      |           |         |          |      |           |         |   |       |           |         |   |      |          
|                                                                                          | Fixed charges                                       |                                                                     |      |           |         |          |      |           |         |          |      |           |         |   |       |           |         |   |      |           |        
|                                                                                          |                                                     | Interest expense                                                    |      |           | 846,353 |          |      |           | 792,611 |          |      |           | 773,539 |   |       |           | 686,767 |   |      |           | 639,964 |  
|                                                                                          |                                                     | Capitalized interest                                                |      |           | 58,274  |          |      |           | 58,845  |          |      |           | 50,019  |   |       |           | 45,235  |   |      |           | 54,297  |  
|                                                                                          |                                                     | Interest factor of rents                                            |      |           | 24,858  |          |      |           | 54,370  |          |      |           | 70,588  |   |       |           | 75,493  |   |      |           | 84,556  |  
|                                                                                          |                                                     |                                                                     |      |           |         |          |      |           |         |          |      |           |         |   |       |           |         |   |      |          
|                                                                                          | Fixed charges as adjusted (B)                       |                                                                     |      | 929,485   |         |          |      | 905,826   |         |          |      | 894,146   |         |   |       | 807,495   |         |   |      | 778,817   |        
|                                                                                          |                                                     |                                                                     |      |           |         |          |      |           |         |          |      |           |         |   |       |           |         |   |      |          
|                                                                                          | Fixed charges and preferred stock
    dividends (C) |                                                                     | $    | 958,953   |         |          | $    | 927,762   |         |          | $    | 922,001   |         |   | $     | 835,054   |         |   | $    | 804,434   |        
|                                                                                          |                                                     |                                                                     |      |           |         |          |      |           |         |          |      |           |         |   |       |           |         |   |      |          
|Ratio of earnings to fixed charges ((A) divided
    by (B))                               |                                                     |                                                                     | 1.79 | x         |         |          | 1.79 | x         |         |          | 1.73 | x         |         |   | 1.82  | x         |         |   | 1.65 | x        
|                                                                                          |                                                     |                                                                     |      |           |         |          |      |           |         |          |      |           |         |   |       |           |         |   |      |          
|Ratio of earnings to fixed charges and preferred
    stock dividends ((A) divided by (C)) |                                                     |                                                                     | 1.74 | x         |         |          | 1.75 | x         |         |          | 1.68 | x         |         |   | 1.76x |           |         |   | 1.60 | x        
|                                                                                          |                                                     |                                                                     |      |           |         |          |      |           |         |          |      |           |         |   |       |           |         |   |      |          






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