EX-12 3 exhibit12.htm GECC EXHIBIT 12 GECC 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
 
Three months ended March 31, 2005
 
(Unaudited)
 

 
 
Ratio of
earnings to
fixed charges
  
Ratio of
earnings to
combined
fixed charges
and preferred
stock dividends
(Dollars in millions)
            
             
Net earnings
$
2,077
  
$
2,077
  
Provision for income taxes
  
445
    
445
  
Minority interest in net earnings of consolidated affiliates
  
120
    
120
  
             
Earnings before provision for income taxes and minority interest
  
2,642
    
2,642
  
Fixed charges:
            
Interest
  
3,457
    
3,457
  
One-third of rentals
  
85
    
85
  
             
Total fixed charges
  
3,542
    
3,542
  
             
Less interest capitalized, net of amortization
  
(15
)
  
(15
)
             
Earnings before provision for income taxes and minority interest,
            
plus fixed charges
$
6,169
  
$
6,169
  
             
Ratio of earnings to fixed charges
  
1.74
        
             
Preferred stock dividend requirements
      
$
15
  
Ratio of earnings before provision for income taxes to net earnings
        
1.21
  
             
Preferred stock dividend factor on pre-tax basis
        
18
  
Fixed charges
        
3,542
  
             
Total fixed charges and preferred stock dividend requirements
      
$
3,560
  
             
Ratio of earnings to combined fixed charges and preferred stock dividends
        
1.73
  
             


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