<PAGE>
 
                                  EXHIBIT 12.2
                                  ------------

                            BREED TECHNOLOGIES, INC.
                  RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                         AND PREFERRED STOCK DIVIDENDS
                        (IN MILLIONS, EXCEPT PER RATIOS)


<TABLE>
<CAPTION>
                                                  Fiscal Years Ended June 30,           
                                             ------------------------------------      
                                              1994    1995    1996   1997   1998       
                                             -----  ------  ------  -----  -----       
<S>                                          <C>    <C>     <C>     <C>    <C>         
Net Earnings (loss) before                                                             
   extraordinary item..................      $44.6  $ 72.3  $ 63.0  $14.9  $(358.6)    
Add: Income taxes......................       28.4    37.8    35.3   14.8    (60.2)    
                                             -----  ------  ------  -----  -------     
Profit (loss) before income taxes......      $73.0  $110.1  $ 98.3  $29.7  $(418.8)    
                                             =====  ======  ======  =====  =======     
                                                                                       
Fixed Charges                                                                          
   Interest expensed...................      $ 1.1  $  0.8  $  2.7  $26.8  $  68.9     
   Capitalized interest................                               0.1      0.1     
   Amortization of deferred                                                            
      financing costs..................                               0.7     16.8     
   Estimated interest factor on                                                        
      operating leases.................        0.3     0.4     0.3    1.8      3.6     
   Dividends on redeemable                                                             
      preferred stock..................                                       10.0     
                                             -----  ------  ------  -----  -------     
                                                                                       
Total Fixed Charges....................      $ 1.4  $  1.2  $  3.0  $29.4  $  99.4     
                                             =====  ======  ======  =====  =======     
                                                                                       
Earnings Computation                                                                   
   Profit (loss) before tax............      $73.0  $110.1  $ 98.3  $29.7  $(418.8)    
   Fixed charges.......................        1.4     1.2     3.0   29.6     99.3     
                                             -----  ------  ------  -----  -------     
Total Earnings as Adjusted.............      $74.4  $111.3  $101.3  $59.2  $(319.5)    
                                             =====  ======  ======  =====  =======     
                                                                                       
Ratio of earnings to                          52.3    92.7    33.8    2.0     (---)    
   fixed charges.......................      -----  ------  ------  -----  -------     
                                                                                       
Insufficiency of earnings to cover                                                      
   combined fixed charges and                                                            
   preferred stock dividends...........                                    $(418.8)      
                                                                           =======       
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