EXHIBIT 12
 
                          LOCKHEED MARTIN CORPORATION
 
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                      FOR THE QUARTER ENDED MARCH 31, 1996
                          (IN MILLIONS, EXCEPT RATIO)
 

                                                                        
EARNINGS:
Net earnings.............................................................. $272
Income tax expense........................................................  159
Interest expense..........................................................   71
Amortization of debt premium and discount, net............................   (1)
Portion of rents representative of an interest factor.....................   15
                                                                           ----
Adjusted earnings before taxes and fixed charges.......................... $516
                                                                           ====
FIXED CHARGES:
Interest expense.......................................................... $ 71
Amortization of debt premium and discount, net............................   (1)
Portion of rents representative of an interest factor.....................   15
Capitalized interest......................................................    1
                                                                           ----
Total fixed charges....................................................... $ 86
                                                                           ====
RATIO OF EARNINGS TO FIXED CHARGES........................................  6.0
                                                                           ====