1
EXHIBIT 12
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
SIX MONTHS ENDED
JUNE 30,
---------------------
1996 1995
-------- --------
(DOLLARS IN MILLIONS)
Income from continuing operations before cumulative effect of
accounting change..................................................... $2,896.2 $4,039.3
United States, foreign, and other income taxes.......................... 1,530.0 2,034.5
Equity in income of associates.......................................... (63.9) (55.9)
Cash dividends received from associates................................. 24.5 5.0
Amortization of capitalized interest.................................... 13.6 25.5
-------- --------
Income from continuing operations before cumulative effect of accounting
change, income taxes, undistributed income of associates, and
amortization of capitalized interest.................................. 4,400.4 6,048.4
-------- --------
Fixed charges included in income from continuing operations
Interest and related charges on debt.................................. 2,835.2 2,786.6
Portion of rentals deemed to be interest.............................. 132.1 119.8
-------- --------
Total fixed charges included in income from continuing
operations........................................................ 2,967.3 2,906.4
-------- --------
Earnings from continuing operations available for fixed charges......... $7,367.7 $8,954.8
======== ========
Fixed charges
Fixed charges included in income from continuing operations........... $2,967.3 $2,906.4
Interest capitalized in the period.................................... 26.4 23.9
-------- --------
Total fixed charges................................................ $2,993.7 $2,930.3
======== ========
Ratios of earnings from continuing operations to fixed charges.......... 2.46 3.06
======== ========
43