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) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||
General Electric Company and | ||||||||||||||
consolidated affiliates | ||||||||||||||
Earnings(a) | $ | 15,976 | $ | 15,396 | $ | 18,794 | $ | 14,078 | $ | 9,696 | ||||
Plus: | ||||||||||||||
Interest and other financial charges | ||||||||||||||
included in expense(b) | 10,116 | 12,407 | 14,422 | 15,431 | 17,516 | |||||||||
One-third of rental expense(c) | 504 | 510 | 462 | 563 | 595 | |||||||||
Adjusted “earnings” | $ | 26,597 | $ | 28,313 | $ | 33,677 | $ | 30,072 | $ | 27,807 | ||||
Fixed charges: | ||||||||||||||
Interest and other financial charges | ||||||||||||||
included in expense(b) | $ | 10,116 | $ | 12,407 | $ | 14,422 | $ | 15,431 | $ | 17,516 | ||||
Interest capitalized | 29 | 28 | 25 | 39 | 42 | |||||||||
One-third of rental expense(c) | 504 | 510 | 462 | 563 | 595 | |||||||||
Total fixed charges | $ | 10,649 | $ | 12,945 | $ | 14,908 | $ | 16,033 | $ | 18,153 | ||||
Ratio of earnings to fixed charges | 2.50 | 2.19 | 2.26 | 1.88 | 1.53 | |||||||||
Preferred stock dividend requirements | $ | - | $ | - | $ | 1,031 | $ | 300 | $ | 300 | ||||
Ratio of earnings before provision for | ||||||||||||||
income taxes to earnings from | ||||||||||||||
continuing operations | 1.04 | 1.17 | 1.40 | 1.08 | 0.90 | |||||||||
Preferred stock dividend factor on | ||||||||||||||
pre-tax basis | $ | - | $ | - | $ | 1,443 | $ | 325 | $ | 271 | ||||
Fixed charges | 10,649 | 12,945 | 14,908 | 16,033 | 18,153 | |||||||||
Total fixed charges and preferred stock | ||||||||||||||
dividend requirements | $ | 10,649 | $ | 12,945 | $ | 16,351 | $ | 16,358 | $ | 18,424 | ||||
Ratio of earnings to combined fixed | ||||||||||||||
charges and preferred stock dividends | 2.50 | 2.19 | 2.06 | 1.84 | 1.51 | |||||||||
(a) | Earnings before income taxes, noncontrolling interests, discontinued operations and undistributed earnings of equity investees. |
(b) | Includes interest on tax deficiencies. |
(c) | Considered to be representative of interest factor in rental expense. |