General Motors Financial Company, Inc. - FORM 10-K - EX-12.1 - STATEMENT RE COMPUTATION OF RATIOS - August 27, 2010

Attached files

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10-K - FORM 10-K - General Motors Financial Company, Inc.d10k.htm
EX-23.1 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - General Motors Financial Company, Inc.dex231.htm
EX-32.1 - SECTION 906 CERTIFICATIONS - General Motors Financial Company, Inc.dex321.htm
EX-31.1 - SECTION 302 CERTIFICATIONS - General Motors Financial Company, Inc.dex311.htm
EX-21.1 - SUBSIDIARIES OF THE REGISTRANT - General Motors Financial Company, Inc.dex211.htm

EXHIBIT 12.1

AMERICREDIT CORP.

STATEMENT RE COMPUTATION OF RATIOS

(dollars in thousands)

 

     Years Ended June 30,
     2010    2009     2008     2007    2006

COMPUTATION OF EARNINGS:

             

Income (loss) before income taxes

    $ 353,439    $ (147 )    $ (113,641 )    $ 516,292    $ 485,235

Fixed charges

      459,570      686,668        854,844        702,133      425,180
                                    
   $ 813,009    $ 686,521      $ 741,203      $ 1,218,425    $ 910,415
                                    

COMPUTATION OF FIXED CHARGES:

             

Fixed charges: (a)

            

Interest expense (b)

    $ 455,254    $ 681,459      $ 848,681      $ 696,600    $ 419,360

Implicit interest in rent

      4,316      5,209        6,163        5,533      5,820
                                    
   $ 459,570    $ 686,668      $ 854,844      $ 702,133    $ 425,180
                                    

RATIO OF EARNINGS TO FIXED CHARGES

      1.8X      (c)        (d)        1.7x      2.1x
                                    

 

(a) For purposes of such computation, the term “fixed charges” represents interest expense, including amortization of debt issuance costs, and a portion of rentals representative of an implicit interest factor for such rentals.

 

(b) For the years ended June 30, 2010, 2009 and 2008, respectively interest expense excludes $2.0 million, $45.1 million and $10.2 million of non-cash amortization of warrant costs.

 

(c) The amount of the coverage deficiency for the year ended June 30, 2009, was approximately $0.1 million.

 

(d) As a result of the $212.6 million pre-tax write-off of goodwill, the amount of the coverage deficiency for the year ended June 30, 2008, was approximately $113.6 million.

General Motors Financial Company, Inc. Reports