EXHIBIT 12
FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
Calculation of Ratio of Earnings to Fixed Charges
(in millions)
| First Quarter | For the Years Ended December 31, | ||||||||||||||||||||||||||||||||
| 2003 | 2002 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||
Earnings | |||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 726.7 | $ | 396.5 | $ | 1,969.7 | $ | 1,495.9 | $ | 2,503.6 | $ | 2,089.9 | |||||||||||||||||||||
| Less equity in net income/(loss) of affiliated companies | 3.1 | 1.9 | 13.0 | 4.9 | (22.0 | ) | (24.9 | ) | |||||||||||||||||||||||||
| Fixed charges | 1,525.9 | 1,883.7 | 6,966.4 | 8,959.4 | 8,941.8 | 7,167.5 | |||||||||||||||||||||||||||
| Earnings before fixed charges | $ | 2,249.5 | $ | 2,278.3 | $ | 8,923.1 | $ | 10,450.4 | $ | 11,467.4 | $ | 9,282.3 | |||||||||||||||||||||
Fixed Charges | |||||||||||||||||||||||||||||||||
| Interest expense | $ | 1,519.3 | $ | 1,874.4 | $ | 6,928.7 | $ | 8,922.4 | $ | 8,911.5 | $ | 7,142.8 | |||||||||||||||||||||
| Interest portion of rental expense | 6.6 | 9.3 | 37.7 | 37.0 | 30.3 | 24.7 | |||||||||||||||||||||||||||
| Total fixed charges | $ | 1,525.9 | $ | 1,883.7 | $ | 6,966.4 | $ | 8,959.4 | $ | 8,941.8 | $ | 7,167.5 | |||||||||||||||||||||
| Ratio of earnings to fixed charges | 1.47 | 1.21 | 1.28 | 1.17 | 1.28 | 1.30 | |||||||||||||||||||||||||||
For purposes of the Ford Credit ratio, earnings consist of the sum of pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries, less unremitted income/ (loss) of affiliated companies, plus fixed charges. Fixed charges consist of interest on borrowed funds, amortization of debt discount, premium, and issuance expense, and one-third of all rental expense (the proportion deemed representative of the interest factor).
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