EX-12 6 ex-12x12312013.htm EXHIBIT - RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS EX-12-12312013


Exhibit 12



GENERAL MOTORS COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
 
Successor
 
 
Predecessor
 
Years Ended December 31,
 
July 10, 2009
Through
December 31, 2009
 
 
January 1, 2009
Through
July 9, 2009
2013
 
2012
 
2011
 
2010
 
Income (loss) from continuing operations before income taxes and equity income(a)
$
5,648

 
$
(30,257
)
 
$
5,985

 
$
5,737

 
$
(5,283
)
 
 
$
107,776

Fixed charges excluding capitalized interest
1,206

 
943

 
960

 
1,326

 
779

 
 
5,548

Amortization of capitalized interest
18

 
12

 
7

 
1

 
—

 
 
46

Equity income of Ally Financial, Inc.
—

 
—

 
—

 
—

 
—

 
 
(1,380
)
Dividends from nonconsolidated affiliates
661

 
1,544

 
1,350

 
1,171

 
422

 
 
112

Earnings (losses) available for fixed charges
$
7,533

 
$
(27,758
)
 
$
8,302

 
$
8,235

 
$
(4,082
)
 
 
$
112,102

 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and related charges on debt
$
1,070

 
$
805

 
$
799

 
$
1,155

 
$
707

 
 
$
5,444

Portion of rentals deemed to be interest
136

 
138

 
161

 
171

 
72

 
 
104

Interest capitalized in period
81

 
117

 
91

 
62

 
26

 
 
28

Total fixed charges
1,287

 
1,060

 
1,051

 
1,388

 
805

 
 
5,576

Preferred stock dividends grossed up to a pre-tax basis
2,528

 
859

 
844

 
1,703

 
162

 
 
—

Combined fixed charges and preferred stock dividends
$
3,815

 
$
1,919

 
$
1,895

 
$
3,091

 
$
967

 
 
$
5,576

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
5.85

 
 
 
7.90

 
5.93

 
 
 
 
20.10

Ratio of earnings to combined fixed charges and preferred stock dividends
1.97

 
 
 
4.38

 
2.66

 
 
 
 
20.10

________
(a)
Includes Reorganization gains, net of $128.2 billion in the period January 1, 2009 through July 9, 2009.

Earnings in the year ended December 31, 2012 and the period July 10, 2009 through December 31, 2009 were inadequate to cover combined fixed charges and preferred stock dividends by $29.7 billion and $5.0 billion.