Exhibit 12 SEARS ROEBUCK ACCEPTANCE CORP. CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES 13 Weeks Ended 39 Weeks Ended Sept.28 Sept.29 Sept.28 Sept.29 (millions) 2002 2001 2002 2001 ------- ------- ------- ------- INCOME BEFORE INCOME TAXES $ 52 $ 53 $ 150 $ 171 PLUS FIXED CHARGES: Interest 202 202 578 658 Amortization of debt discount/premium 3 5 10 10 ----- ---- ---- ----- Total fixed charges 205 207 588 668 ----- ---- ---- ----- EARNINGS BEFORE INCOME TAXES AND FIXED CHARGES $ 257 $ 260 $ 738 $ 839 ===== ===== ===== ===== RATIO OF EARNINGS TO FIXED CHARGES 1.25 1.26 1.26 1.26