Exhibit 12
FORD MOTOR COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES (a)
(in millions)
First Quarter 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| Earnings | ||||||||||||||||||||||||
| Income/(Loss) before income taxes and cumulative effects of changes in accounting principles (b) | $ | (1,620 | ) | $ | (14,498 | ) | $ | (3,857 | ) | $ | (15,079 | ) | $ | 1,054 | $ | 4,087 | ||||||||
| Less: Equity in net (income)/loss of affiliated companies included in income before income taxes | (15 | ) | (177 | ) | (412 | ) | (426 | ) | (303 | ) | (240 | ) | ||||||||||||
| Adjusted income/(loss) | (1,635 | ) | (14,675 | ) | (4,269 | ) | (15,505 | ) | 751 | 3,847 | ||||||||||||||
| Adjusted fixed charges (c) | 2,041 | 10,403 | 11,649 | 9,325 | 9,091 | 9,136 | ||||||||||||||||||
| Earnings/(Losses) | $ | 406 | $ | (4,272 | ) | $ | 7,380 | $ | (6,180 | ) | $ | 9,842 | $ | 12,983 | ||||||||||
| Combined Fixed Charges | ||||||||||||||||||||||||
| Interest expense (d) | $ | 1,948 | $ | 9,858 | $ | 11,089 | $ | 8,845 | $ | 8,484 | $ | 8,528 | ||||||||||||
| Interest portion of rental expense (e) | 65 | 325 | 348 | 329 | 514 | 565 | ||||||||||||||||||
| Total combined fixed charges | $ | 2,013 | $ | 10,183 | $ | 11,437 | $ | 9,174 | $ | 8,998 | $ | 9,093 | ||||||||||||
| Ratios | ||||||||||||||||||||||||
| Ratio of earnings to fixed charges | (f) | (f) | (f) | (f) | 1.1 | 1.4 | ||||||||||||||||||
| Ratio of earnings to combined fixed charges | (f) | (f) | (f) | (f) | 1.1 | 1.4 | ||||||||||||||||||
__________
| (a) | Discontinued operations are excluded from all amounts. There were no preferred stock dividends in the periods displayed. |
| (b) | Income/(Loss) before taxes includes equity income from unconsolidated subsidiaries. |
| (c) | Combined fixed charges, as shown above, adjusted to exclude capitalized interest, and to include dividends from affiliated companies as well as amortization of capitalized interest. (Capitalized interest (in millions): 2009 YTD — $12; 2008— $53; 2007 — $51; 2006 — $58; 2005 — $67; 2004 — $57) |
| (d) | Includes interest, as defined on our income statement, plus capitalized interest. |
| (e) | One-third of all rental expense is deemed to be interest. |
| (f) | Earnings/(Losses) were inadequate to cover fixed interest charges by (in billions): 2009 YTD — $1.6; 2008 — $14.5; 2007 — $4.1; 2006 — $15.4. |