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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 SIX MONTHS ENDED JUNE 30, 2003 AND 2002
(Dollars in thousands)

|                                                                                    |                                           |                            |         |             |         |      |         |         |         | 
|----------------------------------------------------------------------------------- | ----------------------------------------- | -------------------------- | ------- | ----------- | ------- | ---- | ------- | ------- | ------- | 
|                                                                                    |                                           |                            |         | 2003        |         | 2002
|                                                                                    |                                           |                            |         |             |         |     
|                                                                                    |                                           |                            |         | (Unaudited)
|Earnings:                                                                           |                                           |                            |         |             |         |      |         |        
|Net Income                                                                          |                                           | $                          | 237,895 |             |         | $    | 248,388 |        
|Add:                                                                                |                                           |                            |         |             |         |      |         |        
|                                                                                    |                                           | Provision for income taxes |         |             | 125,260 |      |         |         | 138,549 | 
|                                                                                    |                                           | Fixed charges              |         |             | 487,783 |      |         |         | 450,592 | 
|Less:                                                                               |                                           |                            |         |             |         |      |         |        
|                                                                                    |                                           | Capitalized interest       |         |             | 24,579  |      |         |         | 30,446  | 
|                                                                                    |                                           |                            |         |             |         |      |         |        
|                                                                                    | Earnings as adjusted (A)                  |                            | $       | 826,359     |         |      | $       | 807,083 |        
|                                                                                    |                                           |                            |         |             |         |      |         |        
|Preferred dividend requirements                                                     |                                           |                            | 2,056   |             |         |      | 12,406  |        
|Ratio of income before provision for income taxes to net income                     |                                           |                            | 153     | %           |         |      | 156     | %      
|                                                                                    |                                           |                            |         |             |         |      |         |        
|                                                                                    | Preferred dividend factor on pretax basis |                            | $       | 3,146       |         |      | $       | 19,353  |        
|Fixed Charges:                                                                      |                                           |                            |         |             |         |      |         |        
|                                                                                    | Interest expense                          |                            |         | 456,100     |         |      |         | 407,078 |        
|                                                                                    | Capitalized interest                      |                            |         | 24,579      |         |      |         | 30,446  |        
|                                                                                    | Interest factor of rents                  |                            |         | 7,104       |         |      |         | 13,068  |        
|                                                                                    |                                           |                            |         |             |         |      |         |        
|                                                                                    | Fixed charges as adjusted (B)             |                            |         | 487,783     |         |      |         | 450,592 |        
|                                                                                    |                                           |                            |         |             |         |      |         |        
|Fixed charges and preferred stock dividends (C)                                     |                                           | $                          | 490,929 |             |         | $    | 469,945 |        
|                                                                                    |                                           |                            |         |             |         |      |         |        
|Ratio of earnings to fixed charges
(A) divided by (B)                               |                                           |                            | 1.69    | x           |         |      | 1.79    | x      
|                                                                                    |                                           |                            |         |             |         |      |         |        
|Ratio of earnings to fixed charges and preferred stock dividends
(A) divided by (C) |                                           |                            | 1.68    | x           |         |      | 1.72    | x      
|                                                                                    |                                           |                            |         |             |         |      |         |        

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