Emerson Electric (EMR) 10-K 2003 FY Annual report

<PAGE>                                                             Exhibit 12

EMERSON ELECTRIC CO. AND SUBSIDIARIES
COMPUTATION OFRATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)

         YEAR ENDED SEPTEMBER 30,            

	1999	2000	2001	2002	2003
Earnings:  Earnings before income taxes (a) (b)  Fixed charges	$ 2,064      258	2,192      359	1,650      376	1,622      321	1,452      322
Earnings, as defined	$ 2,322	2,551	2,026	1,943	1,774
Fixed Charges:  Interest expense  One-third of all rents (b)	$   199       59	292       67	304       72	250       71	246       76
Total fixed charges	$   258	359	376	321	322
Ratio of Earnings to Fixed Charges	9.0x	7.1x	5.4x	6.1x	5.5x

(a)	Represents earnings from continuing operations before income taxes and cumulative effect of change in accounting principle and minority interests in the income of consolidated subsidiaries with fixed charges.
(b)	The operating results of Dura-Line have been reclassified to discontinued operations for all years presented.