Exhibit 12

The McGraw-Hill Companies, Inc.

Computation of Ratio of Earnings to Fixed Charges

	June 30, 2004				June 30, 2003
	Six		Twelve		Six
(in thousands)	Months		Months		Months
Earnings
Earnings from continuing operations before income tax expense (Note)	$	352,210	$	1,184,094	$	281,792
Fixed charges		38,934		75,096		36,249
Total Earnings	$	391,144	$	1,259,190	$	318,041
Fixed Charges (Note)
Interest expense	$	7,985	$	13,684	$	6,576
Portion of rental payments deemed to be interest		30,949		61,412		29,673
Total Fixed Charges	$	38,934	$	75,096	$	36,249
Ratio of Earnings to Fixed Charges		10.0x		16.8x		8.8x

(Note) For purposes of computing the ratio of earnings to fixed charges, “earnings from continuing operations before income taxes” excludes undistributed equity in income of less than 50%-owned companies, primarily the Company’s earnings in its 45% interest in Rock-McGraw, Inc. The Rock-McGraw earnings for the six and twelve month periods ended June 30, 2004 were $0 million and $8.5 million, respectively and $8.1 million for the six months ended June 30, 2003. “Fixed charges” consist of (1) interest on debt and interest related to the sale leaseback of Rock-McGraw, Inc. (See Note 12 to the Company’s consolidated financial statements for the quarterly period ended June 30, 2004); and (2) the portion of the Company’s rental expense deemed representative of the interest factor in rental expense.

Earnings from continuing operations before income tax expense for the twelve month period ended June 30, 2004 includes a $131.3 million pre-tax gain on the sale of 45% interest of Rock-McGraw, Inc., 1221 Building.

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