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EXHIBIT 12-A
FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
Calculation of Ratio of Earnings to Fixed Charges
(dollar amount in millions)
For the Years Ended December 31
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1993 1992 1991 1990 1989
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Fixed Charges
- - - - - - -------------
Interest expense................ $2,943.5 $3,108.3 $3,840.6 $4,307.4 $4,647.4
Rents........................... 11.0 10.8 8.9 7.5 6.4
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Total fixed charges............ 2,954.5 3,119.1 3,849.5 4,314.9 4,653.8
Earnings
- - - - - - --------
Income before income
taxes and cumulative
effects of changes in
accounting principles......... 1,875.0 1,323.2 1,075.1 763.2 630.0
Less equity income from
affiliated companies.. 198.3 155.2 191.0 145.0 30.8
Less minority interest
in net income of
subsidiaries.................. 7.9 6.1 2.3 -- --
--------- --------- ------- ------- -------
Earnings before
fixed charges................. $4,623.3 $4,281.0 $4,731.3 $4,933.1 $5,253.0
Ratio of earnings to
fixed charges.................. 1.56 1.37 1.23 1.14 1.13
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For purposes of the Ford Credit ratio, earnings consist of income before
taxes and cumulative effects of changes in accounting principles and fixed
charges. Income before income taxes and cumulative effects of changes in
accounting principles of Ford Credit excludes the equity in net income of all
unconsolidated affiliates and minority interest in net income of subsidiaries.
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).