EXHIBIT 12
PACIFIC BELL
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Dollars in Millions
THREE MONTHS ENDED
MARCH 31, YEAR ENDED DECEMBER 31,
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1997 1996 1996 1995 1994 1993* 1992
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Income Before Income Taxes, $ 599 $ 520 $ 1,945 $ 1,538 $ 1,692 $ (39) $ 1,738
Extraordinary Loss and Cumulative
Effect of Accounting Change
Add:Interest Expense 98 88 363 410 439 429 460
1/3 Rental Expense 16 12 46 28 40 37 35
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Adjusted Earnings $ 713 $ 620 $ 2,354 $ 1,976 $ 2,171 $ 427 $ 2,233
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Total Interest Charges 115 98 $ $ 410 $ $ 429 $
411 439 460
1/3 Rental Expense 16 12 46 28 40 37 35
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Adjusted Fixed Charges $ $ 110 $ $ 438 $ $ 466 $
131 457 479 495
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Ratio of Earnings to Fixed Charges 5.44 5.64 5.15 4.51 4.53 0.92 4.51
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<FN>
* Results for 1993 reflect restructuring charges which totaled $924 after taxes.
</FN>