The Boeing Company (BA) 10-Q 2012 Q2 Quarterly report

EXHIBIT (12)

Computation of Ratio of Earnings to Fixed Charges

The Boeing Company and Subsidiaries

(Dollars in millions)

	Six months ended June 30, 2012
			Years ended December 31,
			2011			2010			2009			2008			2007
Earnings before income taxes		$2,909		$5,393			$4,507			$1,731			$3,995			$6,118
Fixed charges excluding capitalized interest	305		677			726			564			492			557
Amortization of previously capitalized interest	34		64			60			61			50			58
Net adjustment for earnings from affiliates	26		(38		)	(11		)	(10		)	(10		)	(28		)
Earnings available for fixed charges		$3,274		$6,096			$5,282			$2,346			$4,527			$6,705
Fixed charges:
Interest and debt expense(1)		$278		$626			$676			$514			$425			$491
Interest capitalized during the period	39		57			48			90			99			117
Rentals deemed representative of an interest factor	27		51			50			50			67			66
Total fixed charges		$344		$734			$774			$654			$591			$674
Ratio of earnings to fixed charges	9.5		8.3			6.8			3.6			7.7			9.9

⁽¹⁾  Amount does not include tax-related interest expense which is reported as a component of Income tax expense in our Condensed Consolidated Statements of Comprehensive Income.