EXHIBIT 12
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Years Ended December 31,
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2001 2000 1999
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(dollars in millions)
Income from continuing operations $601 $4,452 $5,576
Income taxes 768 2,393 3,118
Losses of nonconsolidated associates 131 332 325
Minority interests 18 (13) 28
Amortization of capitalized interest 73 69 66
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Income from continuing operations
before income taxes,
undistributed income of associates,
and capitalized interest 1,591 7,233 9,113
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Fixed charges included in income
from continuing operations
Interest and related charges on debt 8,770 9,475 7,642
Portion of rentals deemed to be interest 330 341 284
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Total fixed charges included in
income from continuing operations 9,100 9,816 7,926
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Earnings available for fixed charges $10,691 $17,049 $17,039
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Fixed charges
Fixed charges included in income from
continuing operations $9,100 $9,816 $7,926
Interest capitalized in the period 171 137 95
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Total fixed charges $9,271 $9,953 $8,021
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Ratios of earnings to fixed charges 1.15 1.71 2.12
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IV-9