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EXHIBIT 12
HSBC FINANCE CORPORATION
COMPUTATION OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES AND TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| Three Months Ended March 31, | 2012 | 2011 | ||||||
| (dollars are in millions) | ||||||||
Loss from continuing operations | $ | (507 | ) | $ | (220 | ) | ||
Income tax | 277 | 303 | ||||||
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Loss from continuing operations before income tax | (784 | ) | (523 | ) | ||||
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Fixed charges: | ||||||||
Interest expense | 499 | 647 | ||||||
Interest portion of rentals(1) | 2 | 2 | ||||||
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Total fixed charges | 501 | 649 | ||||||
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Total earnings (loss) from continuing operations as defined | $ | (283 | ) | $ | 126 | |||
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Ratio of earnings to fixed charges | (.56 | ) | .19 | |||||
Preferred stock dividends(2) | $ | 49 | $ | 52 | ||||
Ratio of earnings (loss) to combined fixed charges and preferred stock dividends | (.51 | ) | .18 | |||||
| (1) | Represents one-third of rentals, which approximates the portion representing interest. |
| (2) | Preferred stock dividends are grossed up to their pretax equivalents. |