EX-12 3 gecc10qex12.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 Three Months Ended March 30, 2002 (Unaudited)
Ratio of Earnings to Combined Fixed Ratio of Charges and Earnings to Preferred Stock (Dollar amounts in millions) Fixed Charges Dividends ----------------- ----------------- Net earnings ................................................................ $ 590 $ 590 Provision for income taxes .................................................. 391 391 Minority interest in net earnings of consolidated affiliates ................ 22 22 ----------------- ----------------- Earnings before provision for income taxes and minority interest ............ 1,003 1,003 ----------------- ----------------- Fixed charges: Interest ................................................................. 2,219 2,219 One-third of rentals ..................................................... 75 75 ----------------- ----------------- Total fixed charges ......................................................... 2,294 2,294 Less interest capitalized, net of amortization .............................. (10) (10) ----------------- ----------------- Earnings before provision for income taxes and minority interest, plus fixed charges .................................................................. $ 3,287 $ 3,287 ================= ================= Ratio of earnings to fixed charges .......................................... 1.43 ================= Preferred stock dividend requirements ....................................... 12 Ratio of earnings before provision for income taxes to net earnings ......... 1.66 ----------------- Preferred stock dividend factor on pre-tax basis ............................ 20 Fixed charges ............................................................... 2,294 ----------------- Total fixed charges and preferred stock dividend requirements ............... 2,314 ================= Ratio of earnings to combined fixed charges and preferred stock dividends ... 1.42 ================= 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.