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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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1995 1994 1993 1992 1991
-------- -------- -------- -------- --------
FIXED CHARGES
Interest expense............................. $4,946.7 $3,557.8 $2,943.5 $3,108.3 $3,840.6
Rents........................................ 15.7 14.1 11.0 10.8 8.9
-------- -------- -------- -------- --------
Total fixed charges..................... 4,962.4 3,571.9 2,954.5 3,119.1 3,849.5
EARNINGS
Income before income taxes and cumulative
effects of changes in accounting
principles................................. 1,945.3 1,999.1 1,875.0 1,323.2 1,075.1
Less equity income from affiliated
companies.................................. 255.4 232.5 198.3 155.2 191.0
Less minority interest in net income of
subsidiaries............................... 14.2 10.7 7.9 6.1 2.3
-------- -------- -------- -------- --------
Earnings before fixed charges................ $6,638.1 $5,327.8 $4,623.3 $4,281.0 $4,731.3
Ratio of earnings to fixed charges........... 1.3 1.5 1.6 1.4 1.2
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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 includes 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 insurance expense, and one-third of all rental expense
(the proportion deemed representative of the interest factor.)