Exhibit 12-A
FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
Calculation of Ratio of Earnings to Fixed Charges
(in millions)
Three Months For the Years Ended December 31
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2001 2000 2000 1999 1998 1997 1996
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(Unaudited) (Unaudited)
Earnings
Income before income taxes $ 625.7 $ 577.1 $ 2,495.0 $ 2,103.8 $ 1,812.2 $ 1,806.0 $ 2,240.2
Less equity in net income of
affiliated companies (0.1) 20.5 22.0 24.9 2.3 1.0 55.3
Fixed charges 2,435.1 2,076.8 9,001.6 7,219.3 6,936.8 6,294.4 6,257.9
----------- ---------- ----------- ---------- --------- ----------- ----------
Earnings before fixed
charges $ 3,060.9 $ 2,633.4 $ 11,474.6 $ 9,298.2 $ 8,746.7 $ 8,099.4 $ 8,442.8
========== ========== =========== =========== ========== =========== ==========
Fixed Charges
Interest expense $ 2,426.0 $ 2,069.7 $ 8,970.1 $ 7,193.4 $ 6,910.4 $ 6,268.2 $ 6,235.7
Rents 9.1 7.1 31.5 25.9 26.4 26.2 22.2
---------- ---------- ----------- ----------- ----------- ----------- ----------
Total fixed charges $ 2,435.1 $ 2,076.8 $ 9,001.6 $ 7,219.3 $ 6,936.8 $ 6,294.4 $ 6,257.9
========== ========== =========== =========== =========== =========== ==========
Ratio of earnings to fixed
charges 1.3 1.3 1.3 1.3 1.3 1.3 1.3
=========== =========== ============ =========== =========== =========== ===========
For purposes of the Ford Credit ratio, earnings consist of the sum of pre-tax
income from continuing operations before adjustment for minority interests in
consolidated subsidiaries, plus fixed charges. Fixed charges consist of
interest on borrowed funds, amortization of debt discount, premium, and issuance
expense, and one-third of all rental expense (the proportion deemed
representative of the interest factor).
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