EX-12 2 k03374exv12.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES FOR THE YEARS ENDED 12/31/04,03 AND 02 exv12
 

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
   $ 2,804     $ 2,899     $ 1,813  
Income tax expense (benefit)
     (916 )     710       578  
(Income)/losses of and dividends from nonconsolidated associates
     (429 )     (364 )     (134 )
Amortization of capitalized interest
     79       79       73  
 
                  
 
                        
Income before income taxes, undistributed income of nonconsolidated associates, and capitalized interest
     1,538       3,324       2,330  
 
                  
 
                        
Fixed charges included in income
Interest and related charges on debt
     12,015       9,522       8,115  
Portion of rentals deemed to be interest
     266       269       289  
 
                  
Total fixed charges included in income from continuing operations
     12,281       9,791       8,404  
 
                  
 
                        
Earnings available for fixed charges
   $ 13,819     $ 13,115     $ 10,734  
 
                  
 
                        
Fixed charges
Fixed charges included in income
   $ 12,281     $ 9,791     $ 8,404  
Interest capitalized in the period
     38       33       74  
 
                  
Total fixed charges
   $ 12,319     $ 9,824     $ 8,478  
 
                  
 
                        
Ratios of earnings to fixed charges
     1.12       1.33       1.27