Exhibit 12

RAYTHEON COMPANY

Statement Regarding Computation of

Ratio of Earnings to Combined Fixed Charges

and Preferred Stock Dividends

(amounts in millions except for ratios)

(excludes RAC, FO, RE&C and AIS

except for interest, which includes RE&C and AIS)

	2003		2004		2005		2006		2007
Income from continuing operations before taxes per statements of income	$	732	$	533	$	1,366	$	1,791	$	2,225
Add:
Fixed charges		618		490		392		365		294
Amortization of capitalized interest		—		1		1		2		3
Less:
Capitalized interest		3		1		5		5		6
Income as adjusted	$	1,347	$	1,023	$	1,754	$	2,153	$	2,516
Fixed charges:
Portion of rents representative of interest factor	$	76	$	77	$	82	$	88	$	92
Interest on indebtedness		539		412		305		272		196
Capitalized interest		3		1		5		5		6
Fixed charges		618		490		392		365		294
Equity security unit distributions		15		5		—		—		—
Combined fixed charges and preferred stock dividends	$	633	$	495	$	392	$	365	$	294
Ratio of earnings to combined fixed charges and preferred stock dividends		2.1		2.1		4.5		5.9		8.6