EX-12.A 4 exhibit12a.htm EXHIBIT 12(A) exhibit12a.htm
Exhibit 12(a)


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


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended December 31,
(Dollars in millions)
2013 
 
2012 
 
2011 
 
2010 
 
2009 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss)(a)
$
7,153 
 
$
7,435 
 
$
6,998 
 
$
1,944 
 
$
(2,822)
Plus:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Interest included in expense(b)
 
9,267 
 
 
11,596 
 
 
13,760 
 
 
14,403 
 
 
16,689 
    One-third of rental expense(c)
 
143 
 
 
180 
 
 
197 
 
 
206 
 
 
258 
    Adjusted "earnings"(d)
$
16,563 
 
$
19,211 
 
$
20,955 
 
$
16,553 
 
$
14,125 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Interest included in expense(b)
$
9,267 
 
$
11,596 
 
$
13,760 
 
$
14,403 
 
$
16,689 
    Interest capitalized
 
27 
 
 
26 
 
 
25 
 
 
39 
 
 
39 
    One-third of rental expense(c)
 
143 
 
 
180 
 
 
197 
 
 
206 
 
 
258 
Total fixed charges
$
9,437 
 
$
11,802 
 
$
13,982 
 
$
14,648 
 
$
16,986 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.76 
 
 
1.63 
 
 
1.50 
 
 
1.13 
 
 
0.83 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)  
Earnings (loss) before income taxes, noncontrolling interests, discontinued operations and undistributed earnings of equity investees.
 
(b)  
Includes 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 $2,861 million.