Exhibit 12


                          LOCKHEED MARTIN CORPORATION
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                     FOR THE SIX MONTHS ENDED JUNE 30, 1996
                          (IN MILLIONS, EXCEPT RATIO)


 
EARNINGS:
                                                        
Earnings from continuing operations before income taxes    $  936
Interest expense                                              260
Amortization of debt premium and discount, net                 (1)
Portion of rents representative of an interest factor          36
                                                           ------
 
Adjusted earnings from continuing operations before
     income taxes and fixed charges                        $1,231
                                                           ======
 
FIXED CHARGES:
Interest expense                                           $  260
Amortization of debt premium and discount, net                 (1)
Portion of rents representative of an interest factor          36
Capitalized interest                                            1
                                                           ------
 
Total fixed charges                                        $  296
                                                           ======
 
RATIO OF EARNINGS TO FIXED CHARGES                            4.2
                                                           ======




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