EX-12 8 ex-12x12312012.htm EXHIBIT - COMPUTATION OF COMBINED RATIOS EX-12-12312012


Exhibit 12



GENERAL MOTORS COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(Dollars in millions)
 
 
 
Successor
 
 
Predecessor
 
Years Ended December 31,
 
July 10, 2009
Through
December 31, 2009
 
 
January 1, 2009
Through
July 9, 2009
 
Year Ended December 31, 2008
2012
 
2011
 
2010
 
 
Income (loss) from continuing operations before income taxes and equity income(a)
$
(30,257
)
 
$
5,985

 
$
5,737

 
$
(5,283
)
 
 
$
107,776

 
$
(29,471
)
Fixed charges included in income (loss) from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
Interest and related charges on debt
805

 
799

 
1,155

 
707

 
 
5,444

 
2,659

Portion of rentals deemed to be interest
138

 
161

 
171

 
72

 
 
104

 
264

Interest capitalized in period
117

 
91

 
62

 
26

 
 
28

 
244

Total fixed charges included in income (loss) from continuing operations
1,060

 
1,051

 
1,388

 
805

 
 
5,576

 
3,167

Amortization of capitalized interest
12

 
7

 
1

 
—

 
 
46

 
77

Equity (income) loss of Ally Financial, Inc.
—

 
—

 
—

 
—

 
 
(1,380
)
 
6,183

Dividends from nonconsolidated affiliates
1,544

 
1,350

 
1,171

 
422

 
 
112

 
440

Interest capitalized
(117
)
 
(91
)
 
(62
)
 
(26
)
 
 
(28
)
 
(244
)
Earnings (losses) available for fixed charges
$
(27,758
)
 
$
8,302

 
$
8,235

 
$
(4,082
)
 
 
$
112,102

 
$
(19,848
)
Fixed charges included in income (loss) from continuing operations
$
1,060

 
$
1,051

 
$
1,388

 
$
805

 
 
$
5,576

 
$
3,167

Preferred dividends grossed up to a pre-income tax basis
$
859

 
$
844

 
$
1,703

 
$
162

 
 
$
—

 
$
—

Combined fixed charges and preferred dividends
$
1,919

 
$
1,895

 
$
3,091

 
$
967

 
 
$
5,576

 
$
3,167

Ratios of earnings to fixed charges


 
7.90

 
5.93

 
 
 
 
20.10

 
 
Ratio of earnings to combined fixed charges and preferred stock dividends


 
4.38

 
2.66

 
 
 
 
20.10

 
 
__________
(a)
Includes Reorganization gains, net of $128.2 billion in the period January 1, 2009 through July 9, 2009.

Earnings in the year ended December 31, 2012, the period July 10, 2009 through December 31, 2009 and the year ended December 2008 were inadequate to cover fixed charges. Additional earnings of $29.7 billion, $5.0 billion and $23.0 billion in the year ended December 31, 2012, the period July 10, 2009 through December 31, 2009 and the year ended December 2008 would have been necessary to bring ratios for these periods to 1.0.