EXHIBIT 12
SBC COMMUNICATIONS INC.
COMPUTATION OF RATIOS
OF EARNINGS TO FIXED CHARGES
Dollars in Millions
| Three Months Ended March 31, |
Year Ended December 31, |
| 2004 | 2003 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||
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| Income Before Income Taxes, Extraordinary Items | |||||||||||||||||||||||
| and Cumulative Effect of Accounting Changes* | $ | 2,412 | $ | 3,318 | $ | 7,936 | $ | 8,871 | $ | 10,195 | $ | 12,095 | $ | 10,382 | |||||||||
| Add: Interest Expense | 231 | 317 | 1,241 | 1,382 | 1,599 | 1,592 | 1,430 | ||||||||||||||||
| Dividends on Preferred Securities | 6 | 6 | 22 | 24 | 57 | 118 | 118 | ||||||||||||||||
| 1/3 Rental Expense | 37 | 38 | 140 | 195 | 266 | 252 | 236 | ||||||||||||||||
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| Adjusted Earnings | $ | 2,686 | $ | 3,679 | $ | 9,339 | $ | 10,472 | $ | 12,117 | $ | 14,057 | $ | 12,166 | |||||||||
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| Total Interest Charges | $ | 240 | $ | 328 | $ | 1,278 | $ | 1,440 | $ | 1,718 | $ | 1,693 | $ | 1,511 | |||||||||
| Dividends on Preferred Securities | 6 | 6 | 22 | 24 | 57 | 118 | 118 | ||||||||||||||||
| 1/3 Rental Expense | 37 | 38 | 140 | 195 | 266 | 252 | 236 | ||||||||||||||||
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| Adjusted Fixed Charges | $ | 283 | $ | 372 | $ | 1,440 | $ | 1,659 | $ | 2,041 | $ | 2,063 | $ | 1,865 | |||||||||
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| Ratio of Earnings to Fixed Charges | 9.49 | 9.89 | 6.49 | 6.31 | 5.94 | 6.81 | 6.52 | ||||||||||||||||
*Undistributed earnings on investments accounted for under the equity method have been excluded.