1
Exhibit 12-A
FORD MOTOR CREDIT COMPANY AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS
TO FIXED CHARGES
(dollar amounts in millions)
Nine Months For the Years Ended December 31
-------------------------- ------------------------------------------------------------------------
1998 1997 1997 1996 1995 1994 1993
---------- ----------- ---------- ----------- ---------- ----------- -----------
Fixed Charges
Interest expense $ 4,963.5 $ 4,676.6 $ 6,268.2 $ 6,235.7 $ 5,987.8 $ 4,226.3 $ 3,699.9
Rents 18.3 17.3 26.2 22.2 19.5 16.9 13.0
----------- ----------- ----------- ----------- ---------- ---------- -----------
Total fixed charges 4,981.8 4,693.9 6,294.4 6,257.9 6,007.3 4,243.2 3,712.9
Earnings
Income before income
taxes 1,460.9 1,381.4 1,806.0 2,240.2 2,327.8 2,335.5 2,147.5
Less equity in net income
of affiliated companies 1.6 0.7 1.0 55.3 255.4 232.5 198.0
Less minority interest
in net income of
subsidiaries 35.9 40.2 48.4 68.0 65.5 59.3 44.6
----------- ----------- ----------- ----------- ----------- ---------- -----------
Earnings before fixed
charges $ 6,405.2 $ 6,034.4 $ 8,051.0 $ 8,374.8 $ 8,014.2 $ 6,286.9 $ 5,617.8
=========== =========== =========== =========== =========== ========== ===========
Ratio of earnings to
fixed charges
1.3 1.3 1.3 1.3 1.3 1.5 1.5
=========== =========== =========== =========== =========== =========== ===========
For purposes of the Ford Credit ratio, earnings consist of income before taxes
and fixed charges. Income before income taxes 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 issuance expense, and one-third of
all rental expense (the proportion deemed representative of the interest
factor).