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EXHIBIT 12

INTERNATIONAL LEASE FINANCE CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS FOR THE THREE MONTHS ENDED MARCH 31, 2003 and 2002
(Dollars in thousands)

|                                                                                    |                                           |                                |         |             |         |      |         |         |         | 
|----------------------------------------------------------------------------------- | ----------------------------------------- | ------------------------------ | ------- | ----------- | ------- | ---- | ------- | ------- | ------- | 
|                                                                                    |                                           |                                |         | 2003        |         | 2002
|                                                                                    |                                           |                                |         |             |         |     
|                                                                                    |                                           |                                |         | (Unaudited)
|Earnings:                                                                           |                                           |                                |         |             |         |      |         |        
|Net Income                                                                          |                                           | $                              | 117,181 |             |         | $    | 113,305 |        
|Add:                                                                                |                                           |                                |         |             |         |      |         |        
|                                                                                    |                                           | Provision for income taxes (a) |         |             | 59,624  |      |         |         | 62,059  | 
|                                                                                    |                                           | Fixed charges                  |         |             | 235,760 |      |         |         | 209,882 | 
|Less:                                                                               |                                           |                                |         |             |         |      |         |        
|                                                                                    |                                           | Capitalized interest           |         |             | 13,100  |      |         |         | 15,634  | 
|                                                                                    |                                           |                                |         |             |         |      |         |        
|                                                                                    | Earnings as adjusted (A)                  |                                | $       | 399,465     |         |      |         | 369,612 |        
|                                                                                    |                                           |                                |         |             |         |      |         |        
|Preferred dividend requirements                                                     |                                           | $                              | 1,021   |             |         |      | 6,139   |        
|Ratio of income before provision for income taxes to net income                     |                                           |                                | 151     | %           |         |      | 155     | %      
|                                                                                    |                                           |                                |         |             |         |      |         |        
|                                                                                    | Preferred dividend factor on pretax basis |                                | $       | 1,542       |         |      |         | 9,515   |        
|Fixed Charges:                                                                      |                                           |                                |         |             |         |      |         |        
|                                                                                    | Interest expense                          |                                |         | 219,110     |         |      |         | 188,186 |        
|                                                                                    | Capitalized interest                      |                                |         | 13,100      |         |      |         | 15,634  |        
|                                                                                    | Interest factor of rents                  |                                |         | 3,550       |         |      |         | 6,062   |        
|                                                                                    |                                           |                                |         |             |         |      |         |        
|                                                                                    | Fixed charges as adjusted (B)             |                                |         | 235,760     |         |      |         | 209,882 |        
|                                                                                    |                                           |                                |         |             |         |      |         |        
|Fixed charges and preferred stock dividends (C)                                     |                                           | $                              | 237,302 |             |         | $    | 219,397 |        
|                                                                                    |                                           |                                |         |             |         |      |         |        
|Ratio of earnings to fixed charges
(A) divided by (B)                               |                                           |                                | 1.69x   |             |         |      | 1.76x   |        
|                                                                                    |                                           |                                |         |             |         |      |         |        
|Ratio of earnings to fixed charges and preferred stock dividends
(A) divided by (C) |                                           |                                | 1.68x   |             |         |      | 1.68x   |        
|                                                                                    |                                           |                                |         |             |         |      |         |