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EXHIBIT 12
THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
RESTATED
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(Dollars in millions) 6 MONTHS
ENDED TWELVE MONTHS ENDED
JUNE 30, DECEMBER 31,
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2003 2002 2001 2000 1999 1998
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EARNINGS
Income (loss) from continuing operations before
income taxes $ (204.5) $ (13.7) $ (337.9) $ 77.1 $ 276.7 $ 868.6
Add:
Amortization of previously capitalized interest 5.5 10.2 9.9 9.8 11.0 10.7
Minority interest in net income of consolidated
subsidiaries with fixed charges 21.7 57.4 27.4 44.6 42.6 32.8
Proportionate share of fixed charges of investees
accounted for by the equity method 3.3 4.7 4.1 5.8 5.5 4.8
Proportionate share of net loss of investees
accounted for by the equity method 7.5 16.1 42.9 28.0 0.3 0.3
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Total additions 38.0 88.4 84.3 88.2 59.4 48.6
Deduct:
Capitalized interest 4.5 7.2 1.7 11.9 18.1 5.9
Minority interest in net loss of consolidated
subsidiaries 0.4 5.2 15.0 8.3 4.2 2.9
Undistributed proportionate share of net income of
investees accounted for by the equity method 0.4 1.3 0.2 2.9 1.8 -
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Total deductions 5.3 13.7 16.9 23.1 24.1 8.8
TOTAL EARNINGS $ (171.8) $ 61.0 $ (270.5) $ 142.2 $ 312.0 $ 908.4
========= ========= ========= ========= ========= =========
FIXED CHARGES
Interest expense $ 140.8 $ 241.7 $ 297.1 $ 282.8 $ 173.1 $ 148.5
Capitalized interest 4.5 7.2 1.7 11.9 18.1 5.9
Amortization of debt discount, premium or expense 14.9 8.8 6.0 1.5 0.7 1.2
Interest portion of rental expense 44.2 76.7 74.1 73.5 62.1 57.7
Proportionate share of fixed charges of investees
accounted for by the equity method 3.3 4.7 4.1 5.8 5.5 4.8
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TOTAL FIXED CHARGES $ 207.7 $ 339.1 $ 383.0 $ 375.5 $ 259.5 $ 218.1
========= ========= ========= ========= ========= =========
TOTAL EARNINGS BEFORE FIXED CHARGES $ 35.9 $ 400.1 $ 112.5 $ 517.7 $ 571.5 $ 1,126.5
========= ========= ========= ========= ========= =========
RATIO OF EARNINGS TO FIXED CHARGES * 1.18 ** 1.38 2.20 5.17
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* Earnings for the six months ended June 30, 2003 were inadequate to cover
fixed charges. The coverage deficiency was $171.8 million (as restated).
** Earnings for the year ended December 31, 2001 were inadequate to cover
fixed charges. The coverage deficiency was $270.5 million.