General Electric (GE) 10-K/A 2004 FY Annual report (amended)

Exhibit 12

General Electric Company

Ratio of Earnings to Fixed Charges

		Years ended December 31
		2004				2003				2002				2001
(Dollars in millions)		As previously reported		As restated		As previously reported		As restated		As previously reported		As restated		As previously reported		As restated		2000
General Electric Company
and consolidated affiliates
Earnings (a)		$	21,034	$	21,408	$	20,194	$	20,601	$	19,217	$	19,298	$	20,049	$	19,967	$	18,873
Plus:	Interest and other financial
	charges included in expense		11,972		12,101		10,515		10,582		10,321		10,256		11,212		11,250		11,903
	One-third of rental expense (b)		623		623		542		542		584		584		566		566		608
Adjusted “earnings”		$	33,629	$	34,132	$	31,251	$	31,725	$	30,122	$	30,138	$	31,827	$	31,783	$	31,384
Fixed Charges:
	Interest and other financial charges	$	11,972	$	12,101	$	10,515	$	10,582	$	10,321	$	10,256	$	11,212	$	11,250	$	11,903
	Interest capitalized		92		92		48		48		53		53		98		98		124
	One-third of rental expense (b)		623		623		542		542		584		584		566		566		608
Total fixed charges		$	12,687	$	12,816	$	11,105	$	11,172	$	10,958	$	10,893	$	11,876	$	11,914	$	12,635
Ratio of earnings to fixed charges			2.65		2.66		2.81		2.84		2.75		2.77		2.68		2.68		2.48

(a)	Earnings before income taxes, minority interest and cumulative effect of accounting changes.
(b)	Considered to be representative of interest factor in rental expense.