EX-12 5 exhibit12.txt EXHIBIT 12 RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 GENERAL MOTORS CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Years Ended December 31, ----------------------------------------- 2003 2002 2001 ---- ---- ---- (dollars in millions) Income from continuing operations $2,862 $1,975 $1,222 Income tax expense 731 644 1,094 (Income)/losses of and dividends from nonconsolidated associates (364) (135) 172 Amortization of capitalized interest 79 73 73 ----- ----- ----- Income before income taxes, undistributed income of nonconsolidated associates and capitalized interest 3,308 2,557 2,561 ----- ----- ----- Fixed charges included in income Interest and related charges on debt 9,522 8,115 8,496 Portion of rentals deemed to be interest 268 295 311 ------ ------ ------ Total fixed charges included in income from continuing operations 9,790 8,410 8,807 ----- ----- ----- Earnings available for fixed charges $13,098 $10,967 $11,368 ====== ====== ====== Fixed charges Fixed charges included in income $9,790 $8,410 $8,807 Interest capitalized in the period 33 74 94 ------ ------ ------ Total fixed charges $9,823 $8,484 $8,901 ===== ===== ===== Ratios of earnings to fixed charges 1.33 1.29 1.28 ==== ==== ==== IV-6