Exhibit 12.1
GENERAL MOTORS COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
| Successor | Predecessor | |||||||||||||||||||||||||||
| Nine
Months Ended September 30, 2010 |
July 10,
2009 Through December 31, 2009 |
January
1, 2009 Through July 9, 2009 |
Years Ended December 31, | |||||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes and equity income |
$ | 4,711 | $ | (5,283 | ) | $ | 107,776 | (a) | $ | (29,471 | ) | $ | (6,346 | ) | $ | (5,743 | ) | $ | (17,308 | ) | ||||||||
| Fixed charges included in income (loss) from continuing operations Interest and related charges on debt |
835 | 707 | 5,444 | 2,659 | 3,399 | 17,029 | 15,685 | |||||||||||||||||||||
| Portion of rentals deemed to be interest |
126 | 72 | 104 | 264 | 230 | 346 | 288 | |||||||||||||||||||||
| Interest capitalized in period |
43 | 26 | 28 | 244 | 24 | 44 | 45 | |||||||||||||||||||||
| Total fixed charges included in income (loss) from continuing operations |
1,004 | 805 | 5,576 | 3,167 | 3,653 | 17,419 | 16,018 | |||||||||||||||||||||
| Amortization of capitalized interest |
1 | — | 46 | 77 | 48 | 51 | 47 | |||||||||||||||||||||
| Equity (income) loss of Ally Financial, Inc. |
— | — | (1,380 | ) | 6,183 | 1,245 | 5 | — | ||||||||||||||||||||
| Dividends from nonconsolidated associates |
318 | 422 | 112 | 440 | 693 | 366 | 703 | |||||||||||||||||||||
| Interest capitalized |
(43 | ) | (26 | ) | (28 | ) | (244 | ) | (24 | ) | (44 | ) | (45 | ) | ||||||||||||||
| Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Earnings (losses) available for fixed charges |
$ | 5,991 | $ | (4,082 | ) | $ | 112,102 | $ | (19,848 | ) | $ | (731 | ) | $ | 12,054 | $ | (585 | ) | ||||||||||
| Fixed charges included in income (loss) from continuing operations (see above) |
$ | 1,004 | $ | 805 | $ | 5,576 | $ | 3,167 | $ | 3,653 | $ | 17,419 | $ | 16,018 | ||||||||||||||
| Preferred dividends |
608 | 131 | — | — | — | — | — | |||||||||||||||||||||
| Preferred dividends grossed up to a pre-income tax basis |
741 | 162 | — | — | — | — | — | |||||||||||||||||||||
| Combined fixed charges and preferred dividends |
$ | 1,745 | $ | 967 | $ | 5,576 | $ | 3,167 | $ | 3,653 | $ | 17,419 | $ | 16,018 | ||||||||||||||
| Ratios of earnings to fixed charges |
5.97 | 20.10 | 0.69 | |||||||||||||||||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends |
3.43 | 20.10 | 0.69 | |||||||||||||||||||||||||
Earnings for the period July 10, 2009 through December 31, 2009 and the years ended December 31, 2008, 2007 and 2005 were inadequate to cover fixed charges. Additional earnings of $5.0 billion, $23.0 billion, $4.4 billion and $16.6 billion for the period July 10, 2009 through December 31, 2009 and the years ended December 31, 2008, 2007 and 2005 would have been necessary to bring the respective ratios to 1.0.
| (a) | Earnings for the period January 1, 2009 through July 9, 2009 include Reorganization gains, net of $128.2 billion. |