EXHIBIT 12 SEARS ROEBUCK ACCEPTANCE CORP. CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES 13 Weeks Ended 39 Weeks Ended Sept.27, Sept 28, Sept 27, Sept 28, (millions) 2003 2002 2003 2002 ----- ----- ------ ------ INCOME BEFORE INCOME TAXES $ 54 $ 52 $ 158 $ 150 PLUS FIXED CHARGES: Interest 196 202 595 578 Loss on debt extinguishment 7 - 7 - Amortization of debt discount/premium 5 3 16 10 ----- ----- ----- ----- Total fixed charges 208 205 618 588 ----- ----- ------ ------ EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES $ 262 $ 257 $ 776 $ 738 ===== ===== ===== ===== RATIO OF EARNINGS TO FIXED CHARGES 1.26 1.25 1.26 1.26 12