from 10-Q
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<table> Exhibit 12 Southwestern Bell Telephone Company Computation of Ratios of Earnings to Fixed Charges Dollars in Millions <caption> Six Months Ended June 30, Year Ended December 31, 1996 1995 1995 1994 1993 1992 1991 <s> <c> <c> <c> <c> <c> <c> <c> Income Before Income Taxes, Extraordinary Loss and Cumulative Effect of Changes in Accounting Principles $ 1,113.8 $ 917.1 $1,688.3 $1,585.9 $1,424.2 $1,324.7 $1,286.3 Add: Interest Expense 163.2 171.9 339.4 357.9 385.2 408.7 456.3 1/3 Rental Expense 7.3 8.2 25.9 25.6 22.8 27.6 22.7 Adjusted Earnings $ 1,284.3 $1,097.2 $2,053.6 $1,969.4 $1,832.2 $1,761.0 $1,765.3 Total Interest Charges $ 174.1 $ 171.9 $ 339.4 $ 357.9 $ 385.2 $ 408.7 $ 456.3 1/3 Rental Expense 7.3 8.2 25.9 25.6 22.8 27.6 22.7 Adjusted Fixed Charges $ 181.4 $ 180.1 $ 365.3 $ 383.5 $ 408.0 $ 436.3 $ 479.0 Ratio of Earnings to Fixed Charges 7.08 6.09 5.62 5.14 4.49 4.04 3.69 </Table>
