EX-12 4 k35252exv12.htm STATEMENT REGARDING THE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12
EXHIBIT 12
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
                                                 
    Six        
    Months        
    Ended     Years Ended December 31,  
    June 30,                                
    2008     2007     2006     2005     2004     2003  
    (dollars in millions)  
Income (loss) from continuing operations
   $ (18,722 )   $ (43,297 )   $ (2,423 )   $ (10,621 )   $ 2,415     $ 2,450  
Income tax expense (benefit)
     961       37,162       (3,046 )     (6,046 )     (1,297 )     498  
(Income)/losses of and dividends from nonconsolidated associates
     (29 )     575       182       141       (447 )     (346 )
Amortization of capitalized interest
     24       48       51       47       79       79  
 
                                    
 
                                                
Income (loss) before income taxes, undistributed income of nonconsolidated associates, and capitalized interest
     (17,766 )     (5,512 )     (5,236 )     (16,479 )     750       2,681  
 
                                    
 
                                                
Fixed charges included in income (loss)
                                                
Interest and related charges on debt
     1,578       3,306       16,944       15,606       11,948       9,902  
Portion of rentals deemed to be interest
     131       220       301       293       274       267  
 
                                    
Total fixed charges included in income (loss) from continuing operations
     1,709       3,526       17,245       15,899       12,222       10,169  
 
                                    
 
                                                
Earnings (losses) available for fixed charges
   $ (16,057 )   $ (1,986 )   $ 12,009     $ (580 )   $ 12,972     $ 12,850  
 
                                    
 
                                                
Fixed charges
                                                
Fixed charges included in income (loss)
   $ 1,709     $ 3,526     $ 17,245     $ 15,899     $ 12,222     $ 10,169  
Interest capitalized in the period
     19       24       44       45       38       33  
 
                                    
Total fixed charges
   $ 1,728     $ 3,550     $ 17,289     $ 15,944     $ 12,260     $ 10,202  
 
                                    
 
                                                
Ratios of earnings (losses) to fixed charges
                                     1.06       1.26  
 
                                            
Earnings for the six months ended June 30, 2008 and the twelve months ended December 31, 2007, 2006 and 2005 were inadequate to cover fixed charges. Additional earnings of $17.8 billion, $5.5 billion, $5.3 billion and $16.5 billion for 2007, 2006 and 2005, respectively, would have been necessary to bring the respective ratios to 1.0.