EX-12 3 exhibit12.htm EXHIBIT 12 exhibit12.htm
Exhibit 12


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


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended December 31,
(Dollars in millions)
2011 
 
2010 
 
2009 
 
2008 
 
2007 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss)(a)
$
7,286 
 
$
1,903 
 
$
(2,825)
 
$
6,069 
 
$
13,456 
Plus:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Interest included in expense(b)
 
13,845 
 
 
14,494 
 
 
16,878 
 
 
23,153 
 
 
21,036 
    One-third of rental expense(c)
 
203 
 
 
212 
 
 
266 
 
 
169 
 
 
334 
    Adjusted "earnings"(d)
$
21,334 
 
$
16,609 
 
$
14,319 
 
$
29,391 
 
$
34,826 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Interest included in expense(b)
$
13,845 
 
$
14,494 
 
$
16,878 
 
$
23,153 
 
$
21,036 
    Interest capitalized
 
25 
 
 
39 
 
 
39 
 
 
65 
 
 
80 
    One-third of rental expense(c)
 
203 
 
 
212 
 
 
266 
 
 
169 
 
 
334 
Total fixed charges
$
14,073 
 
$
14,745 
 
$
17,183 
 
$
23,387 
 
$
21,450 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.52 
 
 
 1.13 
 
 
0.83 
 
 
1.26 
 
 
1.62 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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 $2,864 million.