L:\SECFILES\10-K\8037S.DOC 1
1
GENERAL MOTORS CORPORATION EXHIBIT 12
AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS
TO FIXED CHARGES
Years Ended December 31,
----------------------------------
1993 1992 1991
---------- ---------- ----------
(Dollars in Millions)
Income (Loss) before cumulative effect
of accounting changes . . . . . . . . . $2,465.8 ($2,620.6) ($4,992.0)
United States, foreign, and other income
taxes (credit). . . . . . . . . . . . . 109.5 (712.5) (900.3)
Equity in losses of associates. . . . . . 18.1 216.4 357.3
Cash dividends received from
associates. . . . . . . . . . . . . . . 5.0 4.4 16.0
Amortization of capitalized interest. . . 54.7 43.3 45.3
------- ------- -------
Income (Loss) before income taxes,
undistributed losses of associates,
and amortization of capitalized
interest . . . . . . . . . . . . . . . 2,653.1 (3,069.0) (5,473.7)
------- ------- -------
Fixed charges included in net income (loss)
Interest and related charges on debt. . 5,552.0 6,973.2 7,852.4
Portion of rentals deemed to be
interest. . . . . . . . . . . . . . . 459.4 461.3 428.7
------- ------- -------
Total fixed charges included in
net income (loss) . . . . . . . . 6,011.4 7,434.5 8,281.1
------- ------- -------
Earnings available for fixed charges. . . $8,664.5 $4,365.5 $2,807.4
======= ======= =======
Fixed charges
Fixed charges included in net
income (loss) . . . . . . . . . . . . $6,011.4 $7,434.5 $8,281.1
Interest capitalized in the period. . . 44.1 43.6 49.2
------- ------- -------
Total fixed charges . . . . . . . . $6,055.5 $7,478.1 $8,330.3
======= ======= =======
Ratios of earnings to fixed charges . . . 1.43 * *
==== ==== ====
*In 1992 and 1991 earnings were inadequate to cover fixed charges by
$3,112.6 million and $5,522.9 million, respectively.
IV-16