Lockheed Martin (LMT) 8-K Other Events

Exhibit 12.1

Lockheed Martin Corporation

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Nine Months Ended September 27,			Years ended December 31,
	2015			2014			2013			2012		2011			2010
Earnings
Earnings from continuing operations before income taxes	$	3,860		$	5,258		$	4,155		$	4,072	$	3,631		$	3,778
Interest expense		301			340			350			383		354			345
Undistributed earnings from equity investees, net		(63	)		(91	)		(91	)		20		(104	)		(81	)
Portion of rents representative of the interest factor		21			41			48			48		59			48
Earnings from continuing operations before income taxes, as adjusted	$	4,119		$	5,548		$	4,462		$	4,523	$	3,940		$	4,090
Fixed Charges
Interest expense	$	301		$	340		$	350		$	383	$	354		$	345
Portion of rents representative of the interest factor		21			41			48			48		59			48
Total fixed charges	$	322		$	381		$	398		$	431	$	413		$	393
Ratio of Earnings to Fixed Charges		12.8			14.6			11.2			10.5		9.5			10.4

The ratio of earnings to fixed charges is a measure of our ability to meet the interest requirements of our outstanding debt securities and leases with current period earnings. A high ratio indicates that earnings are sufficient to cover our current interest requirements.