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Exhibit
12 (a) |
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General
Electric Capital Corporation
and
consolidated affiliates
Computation
of Ratio of Earnings to Fixed Charges |
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Years
ended December 31 |
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(Dollars
in millions) |
2004 |
2003 |
2002 |
2001 |
2000 |
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Net
earnings |
$ |
8,034 |
$ |
6,893 |
$ |
5,490 |
$ |
5,902 |
$ |
4,289 |
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Provision
for income taxes |
1,593 |
1,590 |
960 |
1,734 |
1,555 |
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Minority
interest |
359 |
84 |
95 |
84 |
86 |
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Earnings
before income taxes and minority interest |
9,986 |
8,567 |
6,545 |
7,720 |
5,930 |
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Fixed
charges: |
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Interest |
11,131 |
10,037 |
9,686 |
10,261 |
10,763 |
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One-third
of rentals |
320 |
288 |
316 |
324 |
381 |
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Total
fixed charges |
11,451 |
10,325 |
10,002 |
10,585 |
11,144 |
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Less
interest capitalized, net of amortization |
(37 |
) |
(23
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) |
(38
|
) |
(88
|
) |
(121
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) | |||||
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Earnings
before income taxes and minority interest,
plus
fixed charges |
$ |
21,400 |
$ |
18,869 |
$ |
16,509 |
$ |
18,217 |
$ |
16,953 |
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Ratio
of earnings to fixed charges |
1.87 |
1.83 |
1.65 |
1.72 |
1.52 |
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