EXHIBIT 12
FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
Calculation of Ratio of Earnings to Fixed Charges
(in millions)
| First Nine Months | For the Years Ended December 31 | ||||||||||||||||||||||||||||||||
| 2002 | 2001 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||
Earnings | |||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 1,401.0 | $ | 1,808.3 | $ | 1,507.5 | $ | 2,495.0 | $ | 2,103.8 | $ | 1,812.2 | |||||||||||||||||||||
| Less equity in net income/(loss) of affiliated companies | 9.8 | 4.1 | 4.9 | (22.0 | ) | (24.9 | ) | 2.3 | |||||||||||||||||||||||||
| Fixed charges | 5,404.7 | 6,949.0 | 8,989.6 | 9,001.6 | 7,219.3 | 6,936.8 | |||||||||||||||||||||||||||
| Earnings before fixed charges | $ | 6,795.9 | $ | 8,753.2 | $ | 10,492.2 | $ | 11,518.6 | $ | 9,348.0 | $ | 8,746.7 | |||||||||||||||||||||
Fixed Charges | |||||||||||||||||||||||||||||||||
| Interest expense | $ | 5,374.2 | $ | 6,920.6 | $ | 8,951.2 | $ | 8,970.1 | $ | 7,193.4 | $ | 6,910.4 | |||||||||||||||||||||
| Interest portion of rental expense | 30.5 | 28.4 | 38.4 | 31.5 | 25.9 | 26.4 | |||||||||||||||||||||||||||
| Total fixed charges | $ | 5,404.7 | $ | 6,949.0 | $ | 8,989.6 | $ | 9,001.6 | $ | 7,219.3 | $ | 6,936.8 | |||||||||||||||||||||
| Ratio of earnings to fixed charges | 1.26 | 1.26 | 1.17 | 1.28 | 1.29 | 1.26 | |||||||||||||||||||||||||||
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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