EX-12 11 universalexhibit12a.txt 12(A) RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12(a) GENERAL MOTORS CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Nine Months Ended September 30, Years Ended December 31, ------------- ------------------------------------------ 2001 2000 2000 1999 1998 1997 1996 ------ ------ ------ ------ ------ ------ ------- (dollars in millions) Income from continuing operations $346 $4,363 $4,452 $5,576 $3,049 $6,483 $4,100 Income taxes 588 2,148 2,393 3,118 1,636 1,025 1,464 Losses (earnings) of nonconsolidated associates 205 224 332 325 239 105 (71) Minority interests 5 (2) (13) 28 20 (44) (53) Amortization of capitalized interest 55 52 69 66 68 56 54 ----- ----- ----- ----- ----- ----- ----- Income from continuing operations before income taxes, undistributed income of associates, and capitalized interest 1,199 6,785 7,233 9,113 5,012 7,625 5,494 ----- ----- ----- ----- ----- ----- ----- Fixed charges included in income from continuing operations Interest and related charges on debt 6,573 6,976 9,475 7,642 6,441 5,742 5,411 Portion of rentals deemed to be interest 242 394 341 284 251 264 229 ----- ----- ----- ----- ----- ----- ----- Total fixed charges included in income from continuing operations 6,815 7,370 9,816 7,926 6,692 6,006 5,640 ----- ----- ----- ----- ----- ----- ----- Earnings available for fixed charges $8,014 $14,155 $17,049 $17,039 $11,704 $13,631 $11,134 ===== ====== ====== ====== ====== ====== ====== Fixed charges Fixed charges included in income from continuing operations $6,815 $7,370 $9,816 $7,926 $6,692 $6,006 $5,640 Interest capitalized in the period 115 103 137 95 110 126 49 ----- ----- ----- ----- ----- ----- ----- Total fixed charges $6,930 $7,473 $9,953 $8,021 $6,802 $6,132 $5,689 ===== ===== ===== ===== ===== ===== ===== Ratios of earnings to fixed charges 1.16 1.89 1.71 2.12 1.72 2.22 1.96 ==== ==== ==== ==== ==== ==== ====