General Electric (GE) 10-Q 2003 Q2 Quarterly report

Exhibit 12
General Electric Company Ratio of Earnings to Fixed Charges
(Dollars in millions)	Six months ended June 30, 2003

GE except GECS
Earnings (a)		$	8,721
Less:	Equity in undistributed earnings of General Electric Capital Services, Inc. (b)		(2,944	)
Plus:	Interest and other financial charges included in expense		423
	One-third of rental expense (c)		129
Adjusted "earnings"		$	6,329
Fixed Charges:
	Interest and other financial charges	$	423
	Interest capitalized		10
	One-third of rental expense (c)		129
Total fixed charges		$	562
Ratio of earnings to fixed charges			11.26
General Electric Company and consolidated affiliates
Earnings (a)		$	9,401
Plus:	Interest and other financial charges included in expense		5,324
	One-third of rental expense (c)		282
Adjusted "earnings"		$	15,007
Fixed Charges:
	Interest and other financial charges	$	5,324
	Interest capitalized		25
	One-third of rental expense (c)		282
Total fixed charges		$	5,631
Ratio of earnings to fixed charges			2.67
(a)  Earnings before income taxes, minority interest and accounting changes. (b)  Earnings after income taxes, net of dividends, and before accounting changes. (c)  Considered to be representative of interest factor in rental expense.