EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

The Boeing Company and Subsidiaries

(Dollars in millions)

	Years ended December 31,
	2015			2014		2013		2012		2011
Earnings before income taxes	$	7,155		$	7,137	$	6,232	$	5,910	$	5,393
Fixed charges excluding capitalized interest	391			455		514		603		677
Amortization of previously capitalized interest	90			72		74		75		64
Net adjustment for earnings from affiliates	(34		)	7		13		69		(38		)
Earnings available for fixed charges		$7,602			$7,671		$6,833		$6,657		$6,096
Fixed charges:
Interest and debt expense(1)		$339			$402		$461		$551		$626
Interest capitalized during the period	158			102		87		74		57
Rentals deemed representative of an interest factor	52			53		53		52		51
Total fixed charges		$549			$557		$601		$677		$734
Ratio of earnings to fixed charges	13.8			13.8		11.4		9.8		8.3

⁽¹⁾  Amount does not include tax-related interest expense which is reported as a component of Income tax expense in our Condensed Consolidated Statements of Operations.