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EXHIBIT 12
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
NINE MONTHS ENDED
SEPTEMBER 30,
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1996 1995
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(DOLLARS IN MILLIONS)
Income from continuing operations before cumulative effect
of accounting change................................................. $ 4,167.0 $ 4,436.0
United States, foreign, and other income taxes......................... 1,788.4 2,057.2
Equity in income of associates......................................... (107.4) (110.1)
Cash dividends received from associates................................ 35.2 13.7
Amortization of capitalized interest................................... 40.8 38.3
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Income from continuing operations before cumulative effect of
accounting change, income taxes, undistributed income of
associates, and amortization of capitalized interest.............. 5,924.0 6,435.1
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Fixed charges included in income from continuing operations
Interest and related charges on debt.............................. 4,255.7 4,182.0
Portion of rentals deemed to be interest.......................... 196.5 181.0
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Total fixed charges included in income from continuing
operations..................................................... 4,452.2 4,363.0
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Earnings from continuing operations available for fixed charges........ $10,376.2 $10,798.1
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Fixed Charges
Fixed Charges included in income from continuing operations.......... $ 4,452.2 $ 4,363.0
Interest capitalized in the period................................... 37.5 37.5
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Total Fixed Charges............................................. $ 4,489.7 $ 4,400.5
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Ratios of earnings from continuing operations to fixed charges......... 2.31 2.45
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