Exhibit 12

SBC COMMUNICATIONS INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Dollars in Millions

2003 2002 2001 2000 1999

Income Before Income Taxes, Extraordinary
   Item and Cumulative Effect of Accounting Changes* $ 7,936 $ 8,871 $ 10,195 $ 12,095 $ 10,382

        Add: Interest Expense 1,241 1,382 1,599 1,592 1,430

                 Dividends on Preferred Securities 9 10 57 118 118

                 1/3 Rental Expense 140 195 266 252 236

Adjusted Earnings $ 9,326 $ 10,458 $ 12,117 $ 14,057 $ 12,166

Total Interest Charges	$	1,278	$	1,440	$	1,718	$	1,693	$	1,511
Dividends on Preferred Securities		9		10		57		118		118
1/3 Rental Expense		140		195		266		252		236

Adjusted Fixed Charges $ 1,427 $ 1,645 $ 2,041 $ 2,063 $ 1,865

Ratio of Earnings to Fixed Charges 6.54 6.36 5.94 6.81 6.52

*Undistributed earnings on investments accounted for under the equity method have been excluded. The results for 2001 include a loss of $28 which was reclassified from an extraordinary loss to an ordinary loss, related to the January 1, 2003 adoption of Statement of Financial Accounting Standards No. 145, “Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections,” (FAS 145). FAS 145 rescinded FASB Statement No. 4, “Reporting Gains and Losses from Extinguishment of Debt, an amendment of APB Opinion No. 30”.