EXHIBIT 12


                          LOCKHEED MARTIN CORPORATION
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                     FOR THE QUARTER ENDED MARCH 31, 1995
                    (IN MILLIONS OF DOLLARS, EXCEPT RATIO)



                                                         
EARNINGS:
Net earnings                                                 $ 137
Taxes on income                                                 96
Interest expense                                                79
Amortization of debt premium and discount, net                  (2)
Portion of rents representative of an interest factor           14
Losses of less than 50% owned associated companies               1
                                                             -----
 
Adjusted earnings before taxes and fixed charges             $ 325
                                                             =====
 
FIXED CHARGES:
Interest expense                                             $  79
Amortization of debt premium and discount, net                  (2)
Portion of rents representative of an interest factor           14
Capitalized interest                                             1
                                                             -----
 
Total fixed charges                                          $  92
                                                             =====
 
RATIO OF EARNINGS TO FIXED CHARGES                             3.5
                                                             =====




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