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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) 9 MONTHS
ENDED TWELVE MONTHS ENDED
SEPT 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 $ (321.5) $ (13.7) $ (337.9) $ 77.1 $ 276.7 $ 868.6
Add:
Amortization of previously capitalized interest 8.3 10.2 9.9 9.8 11.0 10.7
Minority interest in net income of consolidated
subsidiaries with fixed charges 30.5 57.4 27.4 44.6 42.6 32.8
Proportionate share of fixed charges of
investees accounted for by the equity method 5.1 4.7 4.1 5.8 5.5 4.8
Proportionate share of net loss of investees
accounted for by the equity method 9.2 16.1 42.9 28.0 0.3 0.3
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Total additions 53.1 88.4 84.3 88.2 59.4 48.6
Deduct:
Capitalized interest 7.0 7.2 1.7 11.9 18.1 5.9
Minority interest in net loss of consolidated
subsidiaries 0.8 5.2 15.0 8.3 4.2 2.9
Undistributed proportionate share of net income
of investees accounted for by the equity method 1.9 1.3 0.2 2.9 1.8 -
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Total deductions 9.7 13.7 16.9 23.1 24.1 8.8
TOTAL EARNINGS $ (278.1) $ 61.0 $ (270.5) $ 142.2 $ 312.0 $ 908.4
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FIXED CHARGES
Interest expense $ 219.7 $ 241.7 $ 297.1 $ 282.8 $ 173.1 $ 148.5
Capitalized interest 7.0 7.2 1.7 11.9 18.1 5.9
Amortization of debt discount, premium or expense 28.9 8.8 6.0 1.5 0.7 1.2
Interest portion of rental expense 66.3 76.7 74.1 73.5 62.1 57.7
Proportionate share of fixed charges of
investees accounted for by the equity method 5.1 4.7 4.1 5.8 5.5 4.8
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TOTAL FIXED CHARGES $ 327.0 $ 339.1 $ 383.0 $ 375.5 $ 259.5 $ 218.1
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TOTAL EARNINGS BEFORE FIXED CHARGES $ 48.9 $ 400.1 $ 112.5 $ 517.7 $ 571.5 $ 1,126.5
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RATIO OF EARNINGS TO FIXED CHARGES * 1.18 ** 1.38 2.20 5.17
* Earnings for the nine months ended September 30, 2003 were inadequate to cover
fixed charges. The coverage deficiency was $278.1 million (as restated).
** Earnings for the year ended December 31, 2001 were inadequate to cover fixed
charges. The coverage deficiency was $270.5 million.