EX-12 4 exhibit12.txt RATIO OF EARNINGS EXHIBIT 12 GENERAL MOTORS CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Years Ended December 31, ---------------------------------- 2001 2000 1999 ---------- ---------- ---------- (dollars in millions) Income from continuing operations $601 $4,452 $5,576 Income taxes 768 2,393 3,118 Losses of nonconsolidated associates 131 332 325 Minority interests 18 (13) 28 Amortization of capitalized interest 73 69 66 ----- ----- ----- Income from continuing operations before income taxes, undistributed income of associates, and capitalized interest 1,591 7,233 9,113 ----- ----- ----- Fixed charges included in income from continuing operations Interest and related charges on debt 8,770 9,475 7,642 Portion of rentals deemed to be interest 330 341 284 ----- ----- ----- Total fixed charges included in income from continuing operations 9,100 9,816 7,926 ----- ----- ----- Earnings available for fixed charges $10,691 $17,049 $17,039 ====== ====== ====== Fixed charges Fixed charges included in income from continuing operations $9,100 $9,816 $7,926 Interest capitalized in the period 171 137 95 ----- ----- ----- Total fixed charges $9,271 $9,953 $8,021 ===== ===== ===== Ratios of earnings to fixed charges 1.15 1.71 2.12 ==== ==== ==== IV-9