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EXHIBIT 12
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
YEARS ENDED DECEMBER 31,
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1996 1995 1994
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(DOLLARS IN MILLIONS)
Income from continuing operations before cumulative effect
of accounting changes..................................... $ 4,953 $ 6,033 $ 4,866
U.S., foreign, and other income taxes....................... 1,723 2,316 2,232
Equity in income of associates.............................. (107) (216) (48)
Cash dividends received from associates..................... 48 16 10
Amortization of capitalized interest........................ 54 51 50
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Income for continuing operations before cumulative effect of
accounting changes, income taxes, undistributed income of
associates, and amortization of capitalized interest...... 6,671 8,200 7,110
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Fixed charges included in income from continuing operations
Interest and related charges on debt...................... 5,673 5,557 4,984
Portion of rentals deemed to be interest.................. 287 256 288
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Total fixed charges included in income from continuing
operations........................................... 5,960 5,813.. 5,272
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Earnings available for fixed charges........................ $12,641 $14,013 $12,382
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Fixed charges
Fixed charges included in income from continuing
operations............................................. $ 5,960 $ 5,813 $ 5,272
Interest capitalized in the period........................ 49 50 33
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Total fixed charges.................................... $ 6,010 $5,863.. $ 5,305
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Ratios of earnings to fixed charges......................... 2.10 2.39 2.33
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