& nbsp; Exhibit 12
General Electric Company
Ratio of Earnings to Fixed Charges
Years ended December 31 | ||||||
(Dollars in millions) | 1998 | 1999 | 2000 | 2001 | 2002 | |
GE except GECS |
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Earnings (a) | $ 12,230 | $ 14,103 | $ 16,747 | $ 18,506 | $ 19,153 | |
Less: | Equity in undistributed earnings of General Electric |
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| Capital Services, Inc. (b) | (2,124) | (2,776) | (3,370) | (3,625) | (2,661) |
Plus: | Interest and other financial |
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| charges included in expense | 883 | 810 | 811 | 817 | 569 |
| One-third of rental expense (c) | 189 | 202 | 216 | 231 | 258 |
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Adjusted "earnings" | $ 11,178 | $ 12,339 | $ 14,404 | $ 15,929 | $ 17,319 | |
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Fixed Charges: |
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| Interest and other financial charges | $ 883 | $ 810 | $ 811 | $ 817 | $ 569 |
| Interest capitalized | 38 | 36 | 3 | 10 | 15 |
| One-third of rental expense (c) | 189 | 202 | 216 | 231 | 258 |
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Total fixed charges | $ 1,110 | $ 1,048 | $ 1,030 | $ 1,058 | $ 842 | |
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Ratio of earnings to fixed charges | 10.07 | 11.78 | 13.98 | 15.06 | 20.57 | |
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General Electric Company and consolidated affiliates |
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Earnings (a) | $ 13,742 | $ 15,942 | $ 18,873 | $ 20,049 | $ 19,217 | |
Plus: | Interest and other financial charges |
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| included in expense | 9,821 | 10,174 | 11,903 | 11,212 | 10,321 |
| One-third of rental expense (c) | 486 | 558 | 608 | 566 | 584 |
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Adjusted "earnings" | $ 24,049 | $ 26,674 | $ 31,384 | $ 31,827 | $ 30,122 | |
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Fixed Charges: |
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| Interest and other financial charges | $ 9,821 | $ 10,174 | $ 11,903 | $ 11,212 | $ 10,321 |
| Interest capitalized | 126 | 123 | 124 | 98 | 53 |
| One-third of rental expense (c) | 486 | 558 | 608 | 566 | 584 |
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Total fixed charges | $ 10,433 | $ 10,855 | $ 12,635 | $ 11,876 | $ 10,958 | |
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Ratio of earnings to fixed charges | 2.31 | 2.46 | 2.48 | 2.68 | 2.75 | |
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(a) Earnings before income taxes, minority interest and cumulative effect of changes in accounting principle. | ||||||