EX-12 3 gecc3q01ex12.txt EXHIBIT 12 GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES Computation of Ratio of Earnings to Fixed Charges and Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends Nine Months Ended September 29, 2001 (Unaudited)
Ratio of Earnings to Combined Fixed Charges and Ratio of Preferred Earnings to Stock Fixed Charges Dividends (Dollar amounts in millions) -------------- -------------- Net earnings ..................................................................... $ 4,279 $ 4,279 Provision for income taxes ....................................................... 1,238 1,238 Minority interest in net earnings of consolidated affiliates ..................... 62 62 -------------- -------------- Earnings before provision for income taxes and minority interest ................. 5,579 5,579 -------------- -------------- Fixed charges: Interest ...................................................................... 7,802 7,802 One-third of rentals .......................................................... 225 225 -------------- -------------- Total fixed charges .............................................................. 8,027 8,027 -------------- -------------- Less interest capitalized, net of amortization ................................... (75) (75) -------------- -------------- Earnings before provision for income taxes and minority interest, plus fixed charges .................................................................. $ 13,531 $ 13,531 ============== ============== Ratio of earnings to fixed charges ............................................... 1.69 ============== Preferred stock dividend requirements ............................................ 64 Ratio of earnings before provision for income taxes to net earnings .............. 1.29 Preferred stock dividend factor on pre-tax basis ................................. 83 Fixed charges .................................................................... 8,027 -------------- Total fixed charges and preferred stock dividend requirements .................... $ 8,110 ============== Ratio of earnings to combined fixed charges and preferred stock dividends ........ 1.67 ==============
For purposes of computing the ratios, fixed charges consist of interest on all indebtedness and one-third of rentals, which management believes is a reasonable approximation of the interest factor of such rentals.