EX-12 2 gecc_ex12.htm Exhibit 12

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
Six Months Ended June 30, 2004

(Unaudited)

(Dollars in millions)

Ratio of
Earnings to
Fixed Charges

  

Ratio of
Earnings to
Combined
Fixed Charges
and Preferred
Stock
Dividends
 

 

Net earnings

$

3,229

  

$

3,229

  

Provision for income taxes

  

703

    

703

  

Minority interest in net earnings of consolidated affiliates

  

104

    

104

  
 

 

 

Earnings before provision for income taxes and minority interest

  

4,036

    

4,036

  
 

 

 

Fixed charges:

            

     Interest

 

5,372

    

5,372

  

     One-third of rentals

 

143

    

143

  
 

 

 

Total fixed charges

  

5,515

    

5,515

  
 

 

 

Less interest capitalized, net of amortization

  

(15

)

  

(15

)
 

 

 

Earnings before provision for income taxes and minority interest,
     plus fixed charges

$

9,536

$

9,536
 

 

 

Ratio of earnings to fixed charges

  

1.73

        
 

       

Preferred stock dividend requirements

$

19

Ratio of earnings before provision for income taxes to net earnings

       

1.22

  

Preferred stock dividend factor on pre-tax basis

        

23

  

Fixed charges

        

5,515

  

Total fixed charges and preferred stock dividend requirements

$

5,538
       

 

Ratio of earnings to combined fixed charges and preferred stock dividends

       

1.72

  
       

 

 

  

For purposes of computing the ratios, we believe that fixed charges including interest on all indebtedness and one-third of rentals is a reasonable approximation of the interest factor of such rentals.