Exhibit 12(b) | ||||||||||||||
General Electric Company | ||||||||||||||
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | ||||||||||||||
Years ended December 31 | ||||||||||||||
(Dollars in millions) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||
General Electric Company and | ||||||||||||||
consolidated affiliates | ||||||||||||||
Earnings(a) | $ | 7,991 | $ | 9,769 | $ | 9,040 | $ | 8,529 | $ | 12,847 | ||||
Plus: | ||||||||||||||
Interest and other financial charges | ||||||||||||||
included in expense(b) | 8,366 | 9,482 | 10,116 | 12,407 | 14,422 | |||||||||
One-third of rental expense(c) | 499 | 473 | 504 | 510 | 462 | |||||||||
Adjusted "earnings" | $ | 16,856 | $ | 19,724 | $ | 19,660 | $ | 21,446 | $ | 27,731 | ||||
Fixed charges: | ||||||||||||||
Interest and other financial charges | ||||||||||||||
included in expense(b) | $ | 8,366 | $ | 9,482 | $ | 10,116 | $ | 12,407 | $ | 14,422 | ||||
Interest capitalized | 26 | 25 | 29 | 28 | 25 | |||||||||
One-third of rental expense(c) | 499 | 473 | 504 | 510 | 462 | |||||||||
Total fixed charges | $ | 8,891 | $ | 9,980 | $ | 10,649 | $ | 12,945 | $ | 14,909 | ||||
Ratio of earnings to fixed charges | 1.90 | 1.98 | 1.85 | 1.66 | 1.86 | |||||||||
Preferred stock dividend requirements | $ | 18 | $ | - | $ | - | $ | - | $ | 1,031 | ||||
Ratio of earnings before provision for | ||||||||||||||
income taxes to earnings from | ||||||||||||||
continuing operations | 4.82 | 1.08 | 1.15 | �� | 1.16 | 1.49 | ||||||||
Preferred stock dividend factor on pre-tax basis | $ | 87 | $ | - | $ | - | $ | - | $ | 1,536 | ||||
Fixed charges | 8,891 | 9,980 | 10,649 | 12,945 | 14,909 | |||||||||
Total fixed charges and preferred stock | ||||||||||||||
dividend requirements | $ | 8,978 | $ | 9,980 | $ | 10,649 | $ | 12,945 | $ | 16,445 | ||||
Ratio of earnings to combined fixed | ||||||||||||||
charges and preferred stock dividends | 1.88 | 1.98 | 1.85 | 1.66 | 1.69 | |||||||||
(a) | Earnings before income taxes, noncontrolling interests, discontinued operations and undistributed earnings of equity investees. |
(b) | Included interest on tax deficiencies and interest on discontinued operations. |
(c) | Considered to be representative of interest factor in rental expense. |