|
Exhibit
12 (b) |
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|
General
Electric Capital Corporation
and
consolidated affiliates
Computation
of Ratio of Earnings to Combined Fixed Charges and Preferred Stock
Dividends |
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|
|
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|
Years
ended December 31 |
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|
(Dollars
in millions) |
2004 |
2003 |
2002 |
2001 |
2000 |
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|
|
|
|
|
|
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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
|
) |
(38
|
) |
(88
|
) |
(121 |
) | |||||
|
Earnings
before income taxes and minority interest,
plus
fixed charges |
$ |
21,400 |
$ |
18,869 |
$ |
16,509 |
$ |
18,217 |
$ |
16,953 |
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|
Preferred
stock dividend requirements |
$ |
45 |
$ |
41 |
$ |
57 |
$ |
80 |
$ |
126 |
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|
Ratio
of earnings before provisions for income
taxes
to net earnings |
1.20 |
1.23 |
1.17 |
1.29 |
1.36 |
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|
Preferred
stock dividend factor on pre-tax basis |
54 |
50 |
67 |
103 |
171 |
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|
Fixed
charges |
11,451 |
10,325 |
10,002 |
10,585 |
11,144 |
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|
Total
fixed charges and preferred stock dividend
requirements |
$ |
11,505 |
$ |
10,375 |
$ |
10,069 |
$ |
10,688 |
$ |
11,315 |
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|
Ratio
of earnings to combined fixed charges and
preferred
stock dividends |
1.86 |
1.82 |
1.64 |
1.70 |
1.50 |
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