EX-12 4 exhibit12.txt RATIOS OF EARNINGS EXHIBIT 12 GENERAL MOTORS CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Years Ended December 31, ------------------------ 2002 2001 2000 ---- ---- ---- (dollars in millions) Net income $1,736 $601 $4,452 Income taxes 533 768 2,393 (Income)/losses of and dividends from nonconsolidated associates (43) 183 350 Amortization of capitalized interest 73 73 69 ----- ---- ----- Income before income taxes, undistributed income of nonconsolidated associates, and capitalized interest 2,299 1,625 7,264 ----- ----- ----- Fixed charges included in income Interest and related charges on debt 8,327 8,770 9,475 Portion of rentals deemed to be interest 318 330 341 ------ ------ ------ Total fixed charges included in income 8,645 9,100 9,816 ----- ----- ----- Earnings available for fixed charges $10,944 $10,725 $17,080 ====== ====== ====== Fixed charges Fixed charges included in income $8,645 $9,100 $9,816 Interest capitalized in the period 191 171 137 ------ ------ ------- Total fixed charges $8,836 $9,271 $9,953 ===== ===== ===== Ratios of earnings to fixed charges 1.24 1.16 1.72 ==== ==== ==== IV-10