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EXHIBIT 12
COMPUTATION OF RATIO OF NET INCOME TO FIXED CHARGES AND
NET INCOME TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
FOR THREE MONTHS ENDED MARCH 31,
(UNAUDITED)
<Table>
<Caption>
(Dollars in millions)
2002 2001
------ ------
Income before income taxes (1) $1,695 $2,496
Add: Fixed charges, excluding
capitalized interest 323 475
------ ------
Income as adjusted before income taxes $2,018 $2,971
====== ======
Fixed charges:
Interest expense $ 208 $ 361
Capitalized interest 9 7
Portion of rental expense representative of
interest
115 114
------ ------
Total fixed charges $ 332 $ 482
====== ======
Preferred stock dividends (2) -- 7
------ ------
Combined fixed charges and preferred stock
dividends $ 332 $ 489
====== ======
Ratio of net income to fixed charges 6.10 6.16
Ratio of net income to combined fixed charges
and preferred stock dividends 6.10 6.08
</Table>
(1) Income before income taxes excludes the company's share in the income and
losses of less-than-fifty percent-owned affiliates.
(2) Included in the ratio computation are preferred stock dividends of $5
million for the first three months of 2001, or $7 million, respectively,
representing the pre-tax income that would be required to cover those dividend
requirements based on the company's effective tax rate for the three months
ended March 31, 2001.
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SEGMENT INFORMATION
(UNAUDITED)
<Table>
<Caption>
Hardware Segments
------------------------------------------------
Personal
and
Global Enterprise Printing
(Dollars in Millions) Services Systems Systems Technology
- -----------------------------------------------------------------------------------------------------------------------------
QUARTER ENDED MARCH 31, 2002:
External revenue $ 8,229 $ 2,484 $ 2,511 $ 1,468
Internal revenue 640 166 13 350
-------- -------- -------- --------
Total revenue $ 8,869 $ 2,650 $ 2,524 $ 1,818
======== ======== ======== =========
Pre-tax income (loss) $ 1,073 $ 177 $ 65 $ (276)
======== ======== ======== =========
Revenue year-to-year change (2.1)% (19.8)% (21.0)% (36.6)%
Pre-tax income year-to-year change 0.5% (54.7)% 212.1% (310.7)%
Pre-tax income margin 12.1% 6.7% 2.6% (15.2)%
QUARTER ENDED MARCH 31, 2001:
External revenue $ 8,471 $ 3,136 $ 3,176 $ 2,317
Internal revenue 589 167 18 549
-------- -------- -------- --------
Total revenue $ 9,060 $ 3,303 $ 3,194 $ 2,866
======== ======== ======== =========
Pre-tax income (loss) $ 1,068 $ 391 $ (58) $ 131
======== ======== ======== =========
Pre-tax income margin 11.8% 11.8% (1.8)% 4.6%
</Table>
<Table>
<Caption>
(Dollars in Millions) Global Enterprise Total
Software Financing Investments Segments
- ------------------------------------------------------------------------------------------
QUARTER ENDED MARCH 31, 2002:
External revenue $ 2,897 $ 768 $ 231 $ 18,588
Internal revenue 227 186 1 1,583
-------- -------- -------- --------
Total revenue $ 3,124 $ 954 $ 232 $ 20,171
======== ======== ======== ========
Pre-tax income (loss) $ 560 $ 222 $ (53) $ 1,768
======== ======== ======== ========
Revenue year-to-year change (0.3)% (10.0)% (8.7)% (11.8)%
Pre-tax income year-to-year change (4.4)% (18.7)% 62.1% (21.5)%
Pre-tax income margin 17.9% 23.3% (22.8)% 8.8%
QUARTER ENDED MARCH 31, 2001:
External revenue $ 2,918 $ 834 $ 253 $ 21,105
Internal revenue 214 226 1 1,764
-------- -------- -------- --------
Total revenue $ 3,132 $ 1,060 $ 254 $ 22,869
======== ======== ======== ========
Pre-tax income (loss) $ 586 $ 273 $ (140) $ 2,251
======== ======== ======== ========
Pre-tax income margin 18.7% 25.8% (55.1)% 9.8%
</Table>
<Table>
<Caption>
RECONCILIATIONS TO IBM AS REPORTED:
Quarter Ended Quarter Ended
(Dollars in millions) March 31, 2002 March 31, 2001
-------------- --------------
Revenue:
Total reportable segments $ 20,171 $ 22,869
Eliminations/other (1,620) (1,825)
Total IBM Consolidated -------- --------
$ 18,551 $ 21,044
======== ========
Pretax income:
Total reportable segments $ 1,768 $ 2,251
Eliminations/other (77) 238
-------- --------
Total IBM Consolidated $ 1,691 $ 2,489
======== ========
</Table>