EX-12 7 ex12.htm EXHIBIT 12
                       
Exhibit 12.
                     
                     
                     
COMPUTATION OF RATIO OF INCOME TO COMBINED FIXED CHARGES
SEARS, ROEBUCK AND CO. AND CONSOLIDATED SUBSIDIARIES
 
 
                     
               
               
    Year Ended
 
 
 
 
 
 
(millions, except ratios)

   2001
  2000
  1999
  1998
  1997
 
                       
Fixed Charges                      
   Interest and amortization of debt discount                      
   and expense on all indebtedness   $1,415   $1,248   $1,268   $1,423   $1,409  
                       
   Add interest element implicit in rentals

   161
  136
  133
  144
  147
 
    1,576   1,384   1,401   1,567   1,556  
Interest capitalized

   11
  4
  5
  5
  3
 
                       
Total fixed charges

   $1,587
  $1,388
  $1,406
  $1,572
  $1,559
 
                       
Income                      
   Income (loss) before income taxes,                      
    minority interest, and extraordinary loss   $ 1,223   $2,223   $2,419   $1,883   $2,138  
   Deduct undistributed net income (loss)
    of unconsolidated companies

   12
  17
  (5)
  11
  13
 
    1,211   2,206   2,424   1,872   2,125  
                       
Add                      
  Fixed charges (excluding interest capitalized)

   1,576
  1,384
  1,401
  1,567
  1,556
 
      Income before fixed charges and                      
        income taxes

   $2,787
  $3,590
  $3,825
  $3,439
  $3,681
 
                       
                       
Ratio of income to fixed charges

   1.76
  2.59
  2.72
  2.19
  2.36