General Electric (GE) 10-Q 2003 Q3 Quarterly report

Exhibit 12
General Electric Company Ratio of Earnings to Fixed Charges
(Dollars in millions)		Nine months ended September 30, 2003
GE except GECS
Earnings(a)			$	13,208
Less:	Equity in undistributed earnings of General Electric Capital Services, Inc.(b)			(4,227	)
Plus:	Interest and other financial charges included in expense			705
	One-third of rental expense(c)			193
Adjusted "earnings"			$	9,879
Fixed Charges:
	Interest and other financial charges		$	705
	Interest capitalized			16
	One-third of rental expense(c)			193
Total fixed charges			$	914
Ratio of earnings to fixed charges				10.81
General Electric Company and consolidated affiliates
Earnings(a)			$	14,598
Plus:	Interest and other financial charges included in expense			7,876
	One-third of rental expense(c)			420
Adjusted "earnings"			$	22,894
Fixed Charges:
	Interest and other financial charges		$	7,876
	Interest capitalized			38
	One-third of rental expense(c)			420
Total fixed charges			$	8,334
Ratio of earnings to fixed charges				2.75
(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.