EX-12 5 c92463exv12.htm COMPUTATION OF RATIO OF INCOME TO FIXED CHARGES exv12
 

Exhibit 12

COMPUTATION OF RATIO OF INCOME TO COMBINED FIXED CHARGES
SEARS, ROEBUCK AND CO. AND CONSOLIDATED SUBSIDIARIES
(Unaudited)

                                         
    For the Fiscal Year Ended  
(millions, except ratios)   2004     2003     2002     2001     2000  
Fixed Charges
Interest and amortization of debt discount
and expense on all indebtedness
   $ 276     $ 1,816     $ 1,143     $ 1,415     $ 1,248  
 
Add interest element implicit in rentals
     142       167       157       161       136  
 
                              
 
     418       1,983       1,300       1,576       1,384  
Interest capitalized
     0       1       4       11       4  
 
                              
 
Total fixed charges
   $ 418     $ 1,984     $ 1,303     $ 1,587     $ 1,388  
 
                              
 
Income
Income before income taxes, minority interest
and cumulative effect of change in accounting principle
   $ 547     $ 5,449     $ 2,453     $ 1,223     $ 2,223  
Deduct undistributed net income
of unconsolidated companies
     8       8       20       12       17  
 
                              
 
     539       5,441       2,433       1,211       2,206  
 
Add
Fixed charges (excluding interest capitalized)
     418       1,983       1,300       1,576       1,384  
Income before fixed charges and
income taxes
   $ 957     $ 7,424     $ 3,733     $ 2,787     $ 3,590  
 
                              
 
Ratio of income to fixed charges
     2.29       3.74       2.86       1.76       2.59