Exhibit 12 AT&T Corp. Computation of Ratio of Earnings to Fixed Charges (Dollars in Millions) (Unaudited) For the Year Ended December 31, 1996 1995 1994 1993 1992 ---- ---- ---- - ---- ---- Earnings Before Income Taxes $8,866 $5,255 $7,240 $6,359 $5,386 Less Interest Capitalized during the Period 193 107 39 61 54 Less Undistributed Earnings of Less than 50% Owned Affiliates 155 205 91 59 76 Add Fixed Charges 1,127 1,350 1,224 1,269 1,293 Total Earnings $9,645 $6,294 $8,334 $7,508 $6,549 Fixed Charges Total Interest Expense Including Capitalized Interest $ 887 $1,095 $ 951 $ 980 $1,002 Interest Portion of Rental Expense 240 255 273 289 291 Total Fixed Charges $1,127 $1,350 $1,224 $1,269 $1,293 Ratio of Earnings to Fixed Charges 8.6 4.7 6.8 5.9 5.1