EX-12 2 ex-12x12312015.htm EXHIBIT - RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS Exhibit


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,
 
2015
 
2014
 
2013
 
2012
 
2011
Income (loss) from continuing operations before income taxes and equity income
$
5,524

 
$
2,152

 
$
5,648

 
$
(30,257
)
 
$
5,985

Fixed charges excluding capitalized interest
2,164

 
1,925

 
1,206

 
943

 
960

Amortization of capitalized interest
24

 
22

 
18

 
12

 
7

Dividends from nonconsolidated affiliates
2,127

 
1,827

 
661

 
1,544

 
1,350

Earnings (losses) available for fixed charges
$
9,839

 
$
5,926

 
$
7,533

 
$
(27,758
)
 
$
8,302

 
 
 
 
 
 
 
 
 
 
Interest and related charges on debt
$
2,044

 
$
1,798

 
$
1,070

 
$
805

 
$
799

Portion of rentals deemed to be interest
119

 
127

 
136

 
138

 
161

Interest capitalized in period
101

 
70

 
81

 
117

 
91

Total fixed charges
2,264

 
1,995

 
1,287

 
1,060

 
1,051

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

 
2,528

 
859

 
844

Combined fixed charges and preferred stock dividends
$
2,264

 
$
3,276

 
$
3,815

 
$
1,919

 
$
1,895

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
4.35

 
2.97

 
5.85

 

 
7.90

Ratio of earnings to combined fixed charges and preferred stock dividends


 
1.81

 
1.97

 


 
4.38


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.