Exhibit 12(b)
GENERAL ELECTRIC CAPITAL CORPORATION AND CONSOLIDATED AFFILIATES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
|
(Dollars in millions) |
Nine Months |
2007 |
2006 |
2005 |
2004 |
2003 |
|
|
|
|
|
|
|
|
|
Earnings(a) |
7,243 |
12,914 |
11,522 |
9,555 |
9,219 |
7,255 |
|
Plus |
|
|
|
|
|
|
|
Interest included in expense |
19,104 |
22,588 |
17,688 |
13,895 |
10,907 |
9,770 |
|
One-third of rental expense(b) |
269 |
337 |
307 |
301 |
279 |
247 |
|
Adjusted "earnings" |
26,616 |
35,839 |
29,517 |
23,751 |
20,405 |
17,272 |
|
|
|
|
|
|
|
|
|
Fixed charges |
|
|
|
|
|
|
|
Interest included in expense(c) |
19,104 |
22,588 |
17,688 |
13,895 |
10,907 |
9,770 |
|
Interest capitalized |
48 |
80 |
77 |
72 |
37 |
23 |
|
One-third of rental expense(b) |
269 |
337 |
307 |
301 |
279 |
247 |
|
Total fixed charges |
19,421 |
23,005 |
18,072 |
14,268 |
11,223 |
10,040 |
|
|
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
1.37 |
1.56 |
1.63 |
1.66 |
1.82 |
1.72 |
|
|
|
|
|
|
|
|
|
Preferred stock dividend requirements |
0 |
0 |
3 |
56 |
45 |
41 |
|
|
|
|
|
|
|
|
|
Ratio of earnings before provision for income taxes to earnings |
|
|
|
|
|
|
|
from continuing operations |
0.96 |
1.06 |
1.12 |
1.12 |
1.2 |
1.22 |
|
|
|
|
|
|
|
|
|
Preferred stock dividend factor on pre-tax basis |
0 |
0 |
3 |
63 |
54 |
50 |
|
|
|
|
|
|
|
|
|
Fixed charges |
19,421 |
23,005 |
18,072 |
14,268 |
11,223 |
10,040 |
|
|
|
|
|
|
|
|
|
Total fixed charges and preferred stock dividend requirements |
19,421 |
23,005 |
18,075 |
14,331 |
11,277 |
10,090 |
|
|
|
|
|
|
|
|
|
Ratio of earnings to combined fixed charges and preferred stock dividends |
1.37 |
1.56 |
1.63 |
1.66 |
1.81 |
1.71 |
(a) Earnings before income taxes, minority interest and discontinued operations.
(b)
Considered to be representative of interest factor in rental expense.
(c) Included interest on tax deficiencies.