EX-12 2 ex-12x12312014.htm EXHIBIT - RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS EX-12-12312014


Exhibit 12



GENERAL MOTORS COMPANY AND SUBSIDIARIES
COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
 
Years Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
Income (loss) from continuing operations before income taxes and equity income
$
2,152

 
$
5,648

 
$
(30,257
)
 
$
5,985

 
$
5,737

Fixed charges excluding capitalized interest
1,925

 
1,206

 
943

 
960

 
1,326

Amortization of capitalized interest
22

 
18

 
12

 
7

 
1

Dividends from nonconsolidated affiliates
1,827

 
661

 
1,544

 
1,350

 
1,171

Earnings (losses) available for fixed charges
$
5,926

 
$
7,533

 
$
(27,758
)
 
$
8,302

 
$
8,235

 
 
 
 
 
 
 
 
 
 
Interest and related charges on debt
$
1,798

 
$
1,070

 
$
805

 
$
799

 
$
1,155

Portion of rentals deemed to be interest
127

 
136

 
138

 
161

 
171

Interest capitalized in period
70

 
81

 
117

 
91

 
62

Total fixed charges
1,995

 
1,287

 
1,060

 
1,051

 
1,388

Preferred stock dividends grossed up to a pre-tax basis
1,281

 
2,528

 
859

 
844

 
1,703

Combined fixed charges and preferred stock dividends
$
3,276

 
$
3,815

 
$
1,919

 
$
1,895

 
$
3,091

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.97

 
5.85

 

 
7.90

 
5.93

Ratio of earnings to combined fixed charges and preferred stock dividends
1.81

 
1.97

 


 
4.38

 
2.66


Earnings in the year ended December 31, 2012 were inadequate to cover fixed charges by $28.8 billion and combined fixed charges and preferred stock dividends by $29.7 billion.