Exhibit 12.1
Lockheed Martin Corporation
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratios)
| Years ended December 31, | ||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
| Earnings |
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| Earnings from continuing operations before income taxes |
$ | 4,072 | $ | 3,631 | $ | 3,778 | $ | 4,182 | $ | 4,564 | ||||||||||
| Interest expense |
383 | 354 | 345 | 308 | 332 | |||||||||||||||
| Undistributed earnings from equity investees, net |
20 | (104 | ) | (81 | ) | (60 | ) | (43 | ) | |||||||||||
| Portion of rents representative of the interest factor |
48 | 59 | 48 | 53 | 48 | |||||||||||||||
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| Earnings from continuing operations before income taxes, as adjusted |
$ | 4,523 | $ | 3,940 | $ | 4,090 | $ | 4,483 | $ | 4,901 | ||||||||||
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| Fixed Charges |
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| Interest expense |
$ | 383 | $ | 354 | $ | 345 | $ | 308 | $ | 332 | ||||||||||
| Portion of rents representative of the interest factor |
48 | 59 | 48 | 53 | 48 | |||||||||||||||
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| Total fixed charges |
$ | 431 | $ | 413 | $ | 393 | $ | 361 | $ | 380 | ||||||||||
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| Ratio of Earnings to Fixed Charges |
10.5 | 9.5 | 10.4 | 12.4 | 12.9 | |||||||||||||||
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