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Exhibit 12-B
| For the Years Ended December 31 | |||||||||||||||||||||
| 1999 | 1998 | 1997 | 1996 | 1995 | |||||||||||||||||
| Earnings | |||||||||||||||||||||
| Income before income taxes | $ | 11,026 | $ | 25,396 | $ | 10,939 | $ | 6,793 | $ | 6,705 | |||||||||||
| Equity in net (income)/loss of affiliates plus dividends from affiliates | (35 | ) | 78 | 121 | 36 | 179 | |||||||||||||||
| Adjusted fixed charges (a) | 9,459 | 9,215 | 10,911 | 10,801 | 10,556 | ||||||||||||||||
| Earnings | $ | 20,450 | $ | 34,689 | $ | 21,971 | $ | 17,630 | $ | 17,440 | |||||||||||
| Combined Fixed Charges and Preferred Stock Dividends | |||||||||||||||||||||
| Interest expense (b) | $ | 9,114 | $ | 8,919 | $ | 10,570 | $ | 10,464 | $ | 10,121 | |||||||||||
| Interest portion of rental expense (c) | 282 | 245 | 309 | 300 | 396 | ||||||||||||||||
| Preferred stock dividend requirements of majority owned subsidiaries and trusts (d) | 55 | 55 | 55 | 55 | 199 | ||||||||||||||||
| Fixed charges | 9,451 | 9,219 | 10,934 | 10,819 | 10,716 | ||||||||||||||||
| Ford preferred stock dividend requirements (e) | 23 | 122 | 82 | 95 | 459 | ||||||||||||||||
| Total combined fixed charges and preferred stock dividends | $ | 9,474 | $ | 9,341 | $ | 11,016 | $ | 10,914 | $ | 11,175 | |||||||||||
| Ratios | |||||||||||||||||||||
| Ratio of earnings to fixed charges | 2.2 | 3.8 | (f) | 2.0 | 1.6 | 1.6 | |||||||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends | 2.2 | 3.7 | (f) | 2.0 | 1.6 | 1.6 | |||||||||||||||
| (a) | Fixed charges, as shown above, adjusted to exclude the amount of interest capitalized during the period and preferred stock dividend requirements of majority owned subsidiaries and trusts. |
| (b) | Includes interest, whether expensed or capitalized, and amortization of debt expense and discount or premium relating to any indebtedness. |
| (c) | One-third of all rental expense is deemed to be interest. |
| (d) | Preferred stock dividend requirements of Ford Holdings, Inc. (1995) increased to an amount representing the pre-tax earnings which would be required to cover such dividend requirements based on Ford’s effective income tax rates. Beginning in Fourth Quarter 1995, includes requirements related to company-obligated mandatorily redeemable preferred securities of a subsidiary trust. |
| (e) | Preferred stock dividend requirements of Ford Motor Company increased to an amount representing the pre-tax earnings which would be required to cover such dividend requirements based on Ford Motor Company’s effective income tax rates. |
| (f) | Earnings used in calculation of this ratio include the $15,955 million gain on the spin-off of The Associates. Excluding this gain, the ratio is 2.0. |
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