Lockheed Martin (LMT) 10-Q 2008 Q2 Quarterly report

Exhibit 12

Lockheed Martin Corporation

Computation of Ratio of Earnings to Fixed Charges

For the Six Months Ended June 29, 2008

(In millions, except ratio)

Earnings
Earnings before income taxes	$	2,389
Interest expense		179
Losses (undistributed earnings) of 50% and less than 50% owned companies, net		(64	)
Portion of rents representative of an interest factor		27
Amortization of debt premium and discount, net		(3	)
Adjusted earnings from continuing operations before income taxes	$	2,528
Fixed Charges
Interest expense	$	179
Portion of rents representative of an interest factor		27
Amortization of debt premium and discount, net		(3	)
Capitalized interest		—
Total fixed charges	$	203
Ratio of Earnings to Fixed Charges		12.5