1 EXHIBIT 12.1 THE GOODYEAR TIRE & RUBBER COMPANY AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ in millions) 1995 1994 1993 1992 1991 ---- ---- ---- ---- ---- EARNINGS Income before income taxes, extraordinary items and cumulative effect of accounting changes $ 925.8 $ 865.7 $ 784.9 $629.9 $270.7 Add: Amortization of previously capitalized interest $ 11.7 $ 10.2 $ 10.1 $ 9.6 $ 7.6 Minority interest in net income of consolidated subsidiaires with fixed charges 30.1 16.9 19.0 14.2 18.5 Proportionate share of fixed charges of investees accounted for by the equity method 6.3 5.0 4.7 6.9 9.1 Proportionate share of net loss of investees accounted for by the equity method 0.5 0.2 0.3 2.2 1.3 -------- -------- -------- ------ ------ Total additions $ 48.6 $ 32.3 $ 34.1 $ 32.9 $ 36.5 Deduct: Capitalized interest $ 5.1 $ 5.7 $ 5.0 $ 4.0 $ 8.3 Minority interest in net loss of consolidated subsidiaries 3.3 0.3 0.3 1.8 5.6 Undistributed proportionate share of net income of investees accounted for by the equity method 0.2 7.2 4.0 0.9 0.1 -------- -------- -------- ------ ------ Total deductions $ 8.6 $ 13.2 $ 9.3 $ 6.7 $ 14.0 TOTAL EARNINGS $ 965.8 $ 884.8 $ 809.7 $656.1 $293.2 ======== ======== ======== ====== ====== FIXED CHARGES Interest expense $ 135.0 $ 129.4 $ 162.4 $232.9 $317.8 Capitalized interest 5.1 5.7 5.0 4.0 8.3 Amortization of debt discount, premium or expense 0.5 0.7 0.4 1.0 0.7 Interest portion of rental expense 77.0 83.0 83.7 87.6 87.0 Proportionate share of fixed charges of investees accounted for by the equity method 6.3 5.0 4.7 6.9 9.1 -------- -------- -------- ------ ------ TOTAL FIXED CHARGES $ 223.9 $ 223.8 $ 256.2 $332.4 $422.9 ======== ======== ======== ====== ====== TOTAL EARNINGS BEFORE FIXED CHARGES $1,189.7 $1,108.6 $1,065.9 $988.5 $716.1 ======== ======== ======== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES 5.31 4.95 4.16 2.97 1.69