EXHIBIT 12
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Years Ended December 31,
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2002 2001 2000
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(dollars in millions)
Net income $1,736 $601 $4,452
Income taxes 533 768 2,393
(Income)/losses of and dividends from
nonconsolidated associates (43) 183 350
Amortization of capitalized interest 73 73 69
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Income before income taxes,
undistributed income of nonconsolidated
associates, and capitalized interest 2,299 1,625 7,264
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Fixed charges included in income
Interest and related charges on debt 8,327 8,770 9,475
Portion of rentals deemed to be interest 318 330 341
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Total fixed charges included in income 8,645 9,100 9,816
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Earnings available for fixed charges $10,944 $10,725 $17,080
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Fixed charges
Fixed charges included in income $8,645 $9,100 $9,816
Interest capitalized in the period 191 171 137
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Total fixed charges $8,836 $9,271 $9,953
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Ratios of earnings to fixed charges 1.24 1.16 1.72
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IV-10