EXHIBIT 12-A
FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
Calculation of Ratio of Earnings to Fixed Charges
(in millions)
Nine Months For the Years Ended December 31
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2001 2000 2000 1999 1998 1997 1996
--------------- ------------- ------------- ------------- ------------ ------------ --------
(Unaudited)
Earnings
Income before income taxes $ 1,808.3 $ 1,843.5 $ 2,495.0 $ 2,103.8 $ 1,812.2 $ 1,806.0 $ 2,240.2
Less equity in net
income/(loss) of
affiliated companies 4.1 (21.3) (22.0) (24.9) 2.3 1.0 55.3
Fixed charges 6,949.0 6,588.4 9,001.6 7,219.3 6,936.8 6,294.4 6,257.9
--------- --------- --------- --------- --------- --------- ---------
Earnings before fixed
charges $ 8,753.2 $ 8,453.2 $11,518.6 $ 9,348.0 $ 8,746.7 $ 8,099.4 $ 8,442.8
========= ========= ========= ========= ========= ========= =========
Fixed Charges
Interest expense $ 6,920.6 $ 6,565.3 $ 8,970.1 $ 7,193.4 $ 6,910.4 $ 6,268.2 $ 6,235.7
Rents 28.4 23.1 31.5 25.9 26.4 26.2 22.2
--------- --------- --------- --------- --------- --------- ---------
Total fixed charges $ 6,949.0 $ 6,588.4 $ 9,001.6 $ 7,219.3 $ 6,936.8 $ 6,294.4 $ 6,257.9
========= ========= ========= ========= ========= ========= =========
Ratio of earnings to fixed
charges 1.3 1.3 1.3 1.3 1.3 1.3 1.3
========= ========= ========= ========= ========= ========= =========
For purposes of the Ford Credit ratio, earnings consist of the sum of pre-tax
income from continuing operations before adjustment for minority interests in
consolidated subsidiaries less unremitted income/(loss) of affiliated
companies, plus fixed charges. Fixed charges consist of interest on borrowed
funds, amortization of debt discount, premium, and issuance expense, and
one-third of all rental expense (the proportion deemed representative of the
interest factor).
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