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GENERAL MOTORS CORPORATION EXHIBIT 12
AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS
TO FIXED CHARGES
Three Months Ended
March 31,
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1994 1993
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(Dollars in Millions)
Income before cumulative effect of
accounting change $1,611.8 $513.2
United States, foreign, and other income taxes 840.3 417.2
Equity in losses of associates 36.7 44.5
Amortization of capitalized interest 12.6 13.9
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Income before income taxes, undistributed
losses of associates, and amortization of
capitalized interest 2,501.4 988.8
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Fixed charges included in net income
Interest and related charges on debt 1,164.5 1,640.0
Portion of rentals deemed to be interest 106.3 113.2
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Total fixed charges included in net income 1,270.8 1,753.2
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Earnings available for fixed charges $3,772.2 $2,742.0
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Fixed charges
Fixed charges included in net income $1,270.8 $1,753.2
Interest capitalized in the period 9.7 7.3
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Total fixed charges $1,280.5 $1,760.5
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Ratios of earnings to fixed charges 2.95 1.56
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