EX-12 4 ex-12x12312017.htm EXHIBIT - RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
Exhibit 12
GENERAL MOTORS COMPANY AND SUBSIDIARIES
COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)

| Years Ended December 31,
| 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Income from continuing operations before income taxes and equity income | $ | 9,731 |  |  | $ | 9,726 |  |  | $ | 6,178 |  |  | $ | 3,477 |  |  | $ | 6,654 |
Fixed charges excluding capitalized interest | 3,210 |  |  | 2,617 |  |  | 1,982 |  |  | 1,662 |  |  | 1,015 |
Amortization of capitalized interest | 37 |  |  | 29 |  |  | 24 |  |  | 21 |  |  | 17 |
Dividends from nonconsolidated affiliates | 2,000 |  |  | 2,132 |  |  | 2,127 |  |  | 1,827 |  |  | 661 |
Earnings available for fixed charges | $ | 14,978 |  |  | $ | 14,504 |  |  | $ | 10,311 |  |  | $ | 6,987 |  |  | $ | 8,347 |
Interest and related charges on debt(a) | $ | 3,121 |  |  | $ | 2,533 |  |  | $ | 1,883 |  |  | $ | 1,550 |  |  | $ | 896 |
Portion of rentals deemed to be interest | 90 |  |  | 84 |  |  | 99 |  |  | 112 |  |  | 120 |
Interest capitalized in period | 180 |  |  | 126 |  |  | 93 |  |  | 68 |  |  | 66 |
Preference security dividend requirements(b) | 576 |  |  | - |  |  | - |  |  | - |  |  | - |
Total fixed charges | 3,967 |  |  | 2,743 |  |  | 2,075 |  |  | 1,730 |  |  | 1,082 |
Preferred stock dividends grossed up to a pre-tax basis |  |  |  |  |  |  | 1,281 |  |  | 2,528 |
Combined fixed charges and preferred stock dividends | $ | 3,967 |  |  | $ | 2,743 |  |  | $ | 2,075 |  |  | $ | 3,011 |  |  | $ | 3,610 |
Ratio of earnings to fixed charges | 3.78 |  |  | 5.29 |  |  | 4.97 |  |  | 4.04 |  |  | 7.72 |
Ratio of earnings to combined fixed charges and preferred stock dividends |  |  |  |  |  |  | 2.32 |  |  | 2.31 |

__________
(a) Excludes interest associated with uncertain tax positions, which is recorded within income tax expense.
(b) The pre-tax earnings required to pay preference security dividend requirements is calculated using the 2017 effective tax rate of 97.2%.