Exhibit 12.2 FEDERAL-MOGUL CORPORATION COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (unaudited) (In thousands except ratios) Three months ended Year ended December 31, March 31, --------------------------------------------------------- 1999 1998 1997 1996 1995 1994 ------------ ---- ---- ---- ---- ---- Fixed charges: Interest expense** $ 68,711 $ 193,607 $ 32,000 $ 42,600 $37,300 $ 21,200 Distributions on preferred stock* 1,221 5,655 10,450 16,336 16,714 17,182 Estimated interest portion of rents 1,937 15,768 9,700 11,267 11,333 8,300 Amortization of debt issuance expense 2,189 10,393 1,288 1,827 1,803 1,053 ---------- ---------- -------- --------- ------- -------- Total fixed charges $ 74,058 $ 225,423 $ 53,438 $ 72,030 $67,150 $ 47,735 Earnings: Earnings before fixed charges $ 106,600 $ 185,500 $ 99,500 $(228,700) $(3,300) $102,100 Fixed charges 74,058 225,423 53,438 72,030 67,150 47,735 ---------- ---------- -------- --------- ------- -------- Adjusted earnings $ 180,658 $ 410,923 $152,938 $(156,670) $63,850 $149,835 Ratio of Earnings to Fixed Charges and Preferred Stock Dividends 2.439 1.822 2.862 (2.175) 0.951 3.139 ========== ========== ======== ========= ======= ======== * Preferred stock amounts are calculated in the following manner in accordance with SEC guidelines. Preferred Stock Dividend Requirements ---------------------------------------------------- 100% less Effective Income Tax Rate (36.7% for 1998) ** Includes amortization of debt issuance expense in 1998.