Exhibit 12 SEARS ROEBUCK ACCEPTANCE CORP. CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited) 13 Weeks Ended 	April 3, March 29, (millions) 2004 2003 ------ ------- INCOME BEFORE INCOME TAXES $ 17 $ 52 PLUS FIXED CHARGES: Interest 61 201 Amortization of debt discount/premium 3 5 ---- ---- Total fixed charges 64 206 ---- ---- EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES $ 81 $ 258 ==== ==== RATIO OF EARNINGS TO FIXED CHARGES 1.26 1.25 1