Restated | |||||||||||||||||||
For the Years Ended December 31 | |||||||||||||||||||
First Quarter 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||
Earnings | |||||||||||||||||||
| Income before income taxes and cumulative effects of changes in accounting principles (a) | $ | (2,345 | ) | $ | 1,079 | $ | 4,109 | $ | 914 | $ | 4,036 | $ | (6,372 | ) | |||||
| Less: Equity in net (income)/loss of affiliates included in income before income taxes | (86 | ) | (303 | ) | (240 | ) | (155 | ) | 137 | 351 | |||||||||
| Adjusted income | (2,431 | ) | 776 | 3,869 | 759 | 4,173 | (6,021 | ) | |||||||||||
| Adjusted fixed charges (b) | 2,264 | 9,091 | 9,136 | 9,996 | 10,977 | 11,911 | |||||||||||||
| Earnings | $ | (167 | ) | $ | 9,867 | $ | 13,005 | $ | 10,755 | $ | 15,150 | $ | 5,890 | ||||||
Combined Fixed Charges and Preferred Stock Dividends | |||||||||||||||||||
| Interest expense (c) | $ | 2,155 | $ | 8,484 | $ | 8,528 | $ | 9,236 | $ | 10,128 | $ | 11,482 | |||||||
| Interest portion of rental expense (d) | 86 | 514 | 565 | 524 | 448 | 394 | |||||||||||||
| Preferred Stock dividend requirements of majority owned subsidiaries and trusts | — | — | — | 190 | 353 | 55 | |||||||||||||
| Fixed charges | 2,241 | 8,998 | 9,093 | 9,950 | 10,929 | 11,931 | |||||||||||||
| Ford Preferred Stock dividend requirements (e) | — | — | — | — | 22 | 22 | |||||||||||||
| Total combined fixed charges and Preferred Stock dividends | $ | 2,241 | $ | 8,998 | $ | 9,093 | $ | 9,950 | $ | 10,951 | $ | 11,953 | |||||||
Ratios | |||||||||||||||||||
| Ratio of earnings to fixed charges | (f | ) | 1.1 | 1.4 | 1.1 | 1.4 | (f | ) | |||||||||||
| Ratio of earnings to combined fixed charges and Preferred Stock dividends | (f | ) | 1.1 | 1.4 | 1.1 | 1.4 | (f | ) | |||||||||||
| Discontinued operations are excluded from all amounts. | |||||||||||||||||||
| (a) | Income before taxes includes equity income from unconsolidated subsidiaries. |
| (b) | Fixed charges, as shown above, adjusted to exclude the amount of interest capitalized during the period and Preferred Stock dividend requirements of majority owned subsidiaries and trusts. (Capitalized interest: March 2006 YTD - $19 mil; 2005 - $67 mil; 2004 - $57 mil; 2003 - $63 mil; 2002 - $46 mil; 2001 - $44 mil) |
| (c) | Includes interest, whether expensed or capitalized, and amortization of debt expense and discount or premium relating to any indebtedness. |
| (d) | One-third of all rental expense is deemed to be interest. |
| (e) | Preferred Stock dividend requirements of Ford Motor Company were increased to an amount representing the pre-tax earnings which would be required to cover such dividend requirements based on Ford Motor Company’s effective income tax rates. |
| (f) | Earnings for the year ended December 31, 2001 were inadequate to cover fixed charges by $6.1 billion. |
| Earningsfor the first quarter 2006 were inadequate to cover fixed charges by $2.4 billion. |
