EX-12 7 exhibit12b.txt RATIO OF EARNINGS TO FIXED CHARGES/PREFERENCE STOCK EXHIBIT 12b GENERAL MOTORS CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERENCE STOCK DIVIDENDS
Three Months Ended March 31, Years Ended December 31, ------------------ -------------------------------------- 2002 2001 2001 2000 1999 1998 1997 ------ ------ ------ ------ ------ ------ ------- (dollars in millions) Income from continuing operations $228 $237 $601 $4,452 $5,576 $3,049 $6,483 Income taxes 125 208 768 2,393 3,118 1,636 1,025 Losses (earnings) of nonconsolidated associates (21) 57 131 332 325 239 105 Minority interests 22 2 18 (13) 28 20 (44) Amortization of capitalized interest 17 18 73 69 66 68 56 ---- ---- ---- ----- ----- ----- ------ Income from continuing operations before income taxes, undistributed income of associates, and capitalized interest 371 522 1,591 7,233 9,113 5,012 7,625 --- --- ----- ----- ----- ----- ----- Fixed charges included in income from continuing operations Interest and related charges on debt 2,106 2,257 8,770 9,475 7,642 6,441 5,742 Portion of rentals deemed to be interest 83 83 330 341 284 251 264 ----- ----- ----- ----- ----- ----- ----- Total fixed charges included in income from continuing operations 2,189 2,340 9,100 9,816 7,926 6,692 6,006 ----- ----- ----- ----- ----- ----- ----- Earnings available for fixed charges $2,560 $2,862 $10,691 $17,049 $17,039 $11,704 $13,631 ===== ===== ====== ====== ====== ====== ====== Fixed charges Fixed charges included in income from continuing operations $2,189 $2,340 $9,100 $9,816 $7,926 $6,692 $6,006 Interest capitalized in the period 57 34 171 137 95 110 126 ----- ----- ----- ----- ----- ----- ----- Total fixed charges $2,246 $2,374 $9,271 $9,953 $8,021 $6,802 $6,132 Dividends on preference stocks 37 48 200 165 122 94 113 ----- ----- ----- ----- ----- ----- ----- Total fixed charges and dividends on preference stocks $2,283 $2,422 $9,471 $10,118 $8,143 $6,896 $6,245 ===== ===== ===== ====== ===== ===== ===== Ratio of earnings to fixed charges and dividends on preference stocks 1.12 1.18 1.13 1.68 2.09 1.70 2.18 ==== ==== ==== ==== ==== ==== ====