EX-12.A 3 exhibit12a.htm EXHIBIT 12(A) exhibit12a.htm
Exhibit 12(a)


General Electric Capital Corporation and consolidated affiliates
 
Computation of Ratio of Earnings to Fixed Charges


                           
                           
                             
 
Years ended December 31,
(Dollars in millions)
2012 
  
2011 
  
2010 
  
2009 
  
2008 
                             
Earnings (loss)(a)
$
7,635 
  
$
7,236 
  
$
1,829 
  
$
(2,962)
  
$
5,527 
Plus:
                            
    Interest included in expense(b)
  
11,697 
    
13,866 
    
14,510 
    
16,840 
    
23,028 
    One-third of rental expense(c)
  
187 
    
205 
    
212 
    
267 
    
169 
    Adjusted "earnings"(d)
$
19,519 
  
$
21,307 
  
$
16,551 
  
$
14,145 
  
$
28,724 
                             
Fixed Charges:
                            
    Interest included in expense(b)
$
11,697 
  
$
13,866 
  
$
14,510 
  
$
16,840 
  
$
23,028 
    Interest capitalized
  
26 
    
25 
    
39 
    
39 
    
65 
    One-third of rental expense(c)
  
187 
    
205 
    
212 
    
267 
    
169 
Total fixed charges
$
11,910 
  
$
14,096 
  
$
14,761 
  
$
17,146 
  
$
23,262 
                             
Ratio of earnings to fixed charges
  
1.64 
    
1.51 
    
1.12 
    
0.82 
    
1.23 
                             
                             
(a)  
Earnings (loss) before income taxes, noncontrolling interests, discontinued operations and undistributed earnings of equity investees.
 
(b)  
Included interest on tax deficiencies.
 
(c)  
Considered to be representative of interest factor in rental expense.
 
(d)  
In accordance with Item 503 of SEC Regulation S-K, we are required to disclose the amount of earnings needed to achieve a one-to-one ratio of earnings to fixed charges. As of December 31, 2009, this amount was $3,001 million.