EX-12 4 exhibit12bamend1.txt RATIO OF EARNINGS EXHIBIT 12(b) GENERAL MOTORS CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERENCE STOCK DIVIDENDS Years Ended December 31, ------------------------------------------------ 2003 2002 2001 2000 1999 ---- ---- ---- ---- ---- (dollars in millions) Income from continuing operations $2,862 $1,975 $1,222 $3,639 $5,867 Income tax expense 731 644 1,094 1,816 3,312 (Income)/losses of and dividends from nonconsolidated associates and minority interest (364) (135) 172 261 218 Amortization of capitalized interest 79 73 73 69 66 ----- ----- ----- ----- ----- Income from continuing operations before income taxes, undistributed income of nonconsolidated associates, and capitalized interest 3,308 2,557 2,561 5,785 9,463 ----- ----- ----- ----- ----- Fixed charges included in income from continuing operations ---------------------------- Interest and related charges on debt 9,522 8,115 8,496 9,257 7,519 Portion of rentals deemed to be interest 269 289 293 455 256 ----- ----- ----- ----- ----- Total fixed charges included in income from continuing operations 9,791 8,404 8,789 9,712 7,775 ----- ----- ----- ----- ----- Earnings available for fixed charges $13,099 $10,961 $11,350 $15,497 $17,238 ====== ====== ====== ====== ====== Fixed charges Fixed charges included in income from continuing operations $9,791 $8,404 $8,789 $9,712 $7,775 Interest capitalized in the period 33 74 94 54 30 ----- ----- ----- ----- ----- Total fixed charges $9,824 $8,478 $8,883 $9,766 $7,805 ===== ===== ===== ===== ===== Dividends on preference stocks 0 63 179 162 124 ----- ----- ----- ----- ----- Total fixed charges and dividends on preference stocks $9,824 $8,541 $9,062 $9,928 $7,929 ===== ===== ===== ===== ===== Ratio of earnings to fixed charges and dividends on preference stocks 1.33 1.28 1.25 1.56 2.17 ==== ==== ==== ==== ====