AT&T CAPITAL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO
FIXED CHARGES
(In Thousands of U.S. Dollars)
Year Ended December 31,
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1998 1997 1996 1995 1994
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Earnings from continuing
operations:
Income from continuing
operations before
income taxes $173,848 $ 32,036 $ 278,602 $ 208,239 $173,614
Deduct undistributed
earnings on equity
investments, net of loss -- -- -- -- --
Add fixed charges
included in income
before income taxes
and cumulative effect
of accounting change 497,805 460,221 465,121 418,624 277,913
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Total earnings from
continuing
operations, as
adjusted $671,653 $492,257 $743,723 $626,863 $451,527
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Total fixed charges(1) $497,805 $460,221 $465,121 $418,624 $277,913
Ratio of earnings
to fixed charges 1.35 1.07 1.60 1.50 1.62
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(1) Fixed charges include interest on indebtedness and the portion of rentals
representative of the interest factor. Fixed charges do not include
distributions on Company-obligated preferred securities of AT&T Capital
Corporation's subsidiaries. Prior to October 1, 1996, a portion of AT&T
Capital Corporation's indebtedness to AT&T Corp. did not bear interest.