EX-12 3 exhibit12.txt RATIO OF EARNINGS EXHIBIT 12 GENERAL MOTORS CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Years Ended December 31, ------------------------------------------- 2004 2003 2002 ---- ---- ---- (dollars in millions) Income from continuing operations $2,805 $2,862 $1,975 Income tax expense (911) 731 644 (Income)/losses of and dividends from nonconsolidated associates (429) (364) (135) Amortization of capitalized interest 79 79 73 ----- ------ ------ Income before income taxes, undistributed income of nonconsolidated associates, and capitalized interest 1,544 3,308 2,557 ----- ------ ------ Fixed charges included in income Interest and related charges on debt 12,015 9,522 8,115 Portion of rentals deemed to be interest 265 269 289 ------ ------ ------ Total fixed charges included in income from continuing operations 12,280 9,791 8,404 ------ ------ ------ Earnings available for fixed charges $13,824 $13,099 $10,961 ====== ====== ====== Fixed charges Fixed charges included in income $12,280 $9,791 $8,404 Interest capitalized in the period 38 33 74 ------ ----- ----- Total fixed charges $12,318 $9,824 $8,478 ====== ===== ===== Ratios of earnings to fixed charges 1.12 1.33 1.29 ==== ==== ==== IV-8