EX-12.A 4 geccex12a.htm Exhibit 12

Exhibit 12 (a)

GENERAL ELECTRIC CAPITAL CORPORATION

AND CONSOLIDATED AFFILIATES

Computation of Ratio of Earnings to Fixed Charges

   

Years ended December 31
   

(In millions)

  

2003

  

2002

    

2001

    

2000

    

1999
   

 

   

   

   

Net earnings

$

6,893

$

5,490

$

5,902

$

4,289

$

4,208

Provision for income taxes

 

1,590

  

960

    

1,734

    

1,555

    

1,553

Minority interest

 

64

  

95

    

84

    

86

    

68
   

 

   

   

   

Earnings before income taxes and minority interest

  

8,547

  

6,545

    

7,720

    

5,930

    

5,829
   

 

   

   

   

Fixed charges:

                          

Interest

 

9,651

  

9,686

    

10,261

    

10,763

    

9,183

One-third of rentals

288

316

324

381

345
   

 

   

   

   

Total fixed charges

 

9,939

  

10,002

    

10,585

    

11,144

    

9,528

Less interest capitalized, net of amortization

 

(23

)

(38

)

  

(88

)

  

(121

)

  

(87

)
   

 

   

   

   

Earnings before income taxes and minority interest,

     plus fixed charges

$

18,463

     $

16,509

$

18,217

$

16,953

$

15,270
   

 

   

   

   

Ratio of earnings to fixed charges

  

1.86

(a)

1.65

    

1.72

    

1.52

    

1.60
   

 

   

   

   

                           

 

(a) In 2003, the GE Annual Report on page 64 disclosed this ratio as 1.84; the correct ratio is 1.86.