EXHIBIT 12
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Years Ended December 31,
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1998 1997 1996
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(Dollars in Millions)
Income from continuing operations $2,956 $6,698 $4,953
Income taxes 1,463 1,069 1,723
Losses (earnings) of nonconsolidated
associates 184 78 (128)
Cash dividends received from associates 78 41 48
Amortization of capitalized interest 68 56 54
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Income from continuing operations before
income taxes, undistributed income of
associates, and capitalized interest 4,749 7,942 6,650
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Fixed charges included in income from
continuing operations
Interest and related charges on debt 6,644 5,946 5,673
Portion of rentals deemed to be interest 285 305 287
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Total fixed charges included in
income from continuing operations 6,929 6,251 5,960
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Earnings available for fixed charges $11,678 $14,193 $12,610
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Fixed charges
Fixed charges included in income from
continuing operations $6,929 $6,251 $5,960
Interest capitalized in the period 112 126 49
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Total fixed charges $7,041 $6,377 $6,009
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Ratios of earnings to fixed charges 1.66 2.23 2.10
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IV-6