Exhibit 12 SEARS ROEBUCK ACCEPTANCE CORP. CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES 13 Weeks Ended 26 Weeks Ended July 3, June 28, July 3, June 28, (millions) 2004 2003 2004 2003 ------ ----- ------ ------- INCOME BEFORE INCOME TAXES $ 15 $ 52 $ 32 $ 104 PLUS FIXED CHARGES: Interest 53 198 114 399 Loss on early retirement of debt 1 - 1 - Amortization of debt discount/premium 2 6 5 11 ------ ----- ------ ------- Total fixed charges 56 204 120 410 ------ ----- ------ ------- EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES $ 71 $ 256 $ 152 $ 514 ====== ===== ====== ======= RATIO OF EARNINGS TO FIXED CHARGES 1.27 1.25 1.27 1.25 11