
 


<TABLE>

                                                                                EXHIBIT 12
                                         SOUTHWESTERN BELL CORPORATION
                               COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
                                              DOLLARS IN MILLIONS
<CAPTION>
                                                            YEAR ENDED DECEMBER 31,

                                                    1993       1992      1991       1990         1989

       <S>                                   <C>         <C>        <C>         <C>       <C>    
       Income Before Income Taxes,
        Extraordinary Loss and Cumulative
        Effect of Changes in Accounting
        Principles*                          $   1,882.9 $  1,701.2 $ 1,557.0   $1,541.4  $   1,479.5

           Add:Interest Expense                    496.2      530.0     577.7      529.7        543.8
               1/3 Rental Expense                   41.0       45.1      37.5       43.4         42.5



           Adjusted Earnings                 $   2,420.1 $  2,276.3 $ 2,172.2   $2,114.5  $   2,065.8


       Total Interest Charges                $     496.2 $    530.0 $   577.7   $  529.7  $     543.8

       1/3 Rental Expense                           41.0       45.1      37.5       43.4         42.5


           Adjusted Fixed Charges            $     537.2 $    575.1 $   615.2   $  573.1  $     586.3


       Ratio of Earnings to                         4.51       3.96      3.53       3.69         3.52
        Fixed Charges
<FN>
          *Undistributed earnings on investments accounted for under the equity method have been
          excluded.

          NOTE:Prior year ratios have been restated to conform to current year methodology of
          computing undistributed earnings on investments accounted for under the equity method.

</TABLE> 
