EXHIBIT 12
THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
NINE MONTHS
ENDED TWELVE MONTHS ENDED
SEPTEMBER 30, DECEMBER 31,
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2001 2000 1999 1998 1997 1996
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EARNINGS
Income (loss) from continuing operations before income taxes $ (37.9) $ 58.8 $ 300.1 $ 930.4 $ 703.0 $ 803.0
Add:
Amortization of previously capitalized interest 7.3 9.7 11.0 10.7 11.0 11.6
Minority interest in net income of
consolidated subsidiaries with fixed charges 24.9 45.6 42.9 33.6 45.1 45.9
Proportionate share of fixed charges of investees
accounted for by the equity method 2.4 5.7 5.5 4.8 6.5 5.1
Proportionate share of net loss of investees
accounted for by the equity method 16.5 28.4 0.3 -- 0.1 2.7
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Total additions 51.1 89.4 59.7 49.1 62.7 65.3
Deduct:
Capitalized interest 5.4 12.0 11.8 6.6 6.2 5.4
Minority interest in net loss of consolidated subsidiaries 3.9 8.3 4.2 2.9 3.6 4.4
Undistributed proportionate share of net income
of investees accounted for by the equity method 0.6 4.3 2.2 -- -- --
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Total deductions 9.9 24.6 18.2 9.5 9.8 9.8
TOTAL EARNINGS $ 3.3 $ 123.6 $ 341.6 $ 970.0 $ 755.9 $ 858.5
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FIXED CHARGES
Interest expense $ 220.9 $ 282.6 $ 179.4 $ 147.8 $ 119.5 $ 128.6
Capitalized interest 5.4 12.0 11.8 6.6 6.2 5.4
Amortization of debt discount, premium or expense 5.0 1.5 0.7 1.2 0.1 0.3
Interest portion of rental expense 55.1 73.5 62.1 57.7 63.0 68.2
Proportionate share of fixed charges of investees
accounted for by the equity method 2.4 5.7 5.5 4.8 6.5 5.1
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TOTAL FIXED CHARGES $ 288.8 $ 375.3 $ 259.5 $ 218.1 $ 195.3 $ 207.6
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TOTAL EARNINGS BEFORE FIXED CHARGES $ 292.1 $ 498.9 $ 601.1 $ 1,188.1 $ 951.2 $ 1,066.1
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RATIO OF EARNINGS TO FIXED CHARGES 1.01 1.33 2.32 5.45 4.87 5.14