EXHIBIT (12) - Computation of Ratio of Earnings to Fixed Charges

The Boeing Company and Subsidiaries

(Dollars in millions)

Year ended December 31,	2006			2005			2004		2003		2002
Earnings before federal taxes on income	$	3,194		$	2,819		$	1,960	$	500	$	3,143
Fixed charges excluding capitalized interest		636			699			735		777		704
Amortization of previously capitalized interest		51			54			48		53		55
Net adjustment for earnings/(loss) from affiliates		(12	)		(9	)		27		103		385
Earnings available for fixed charges	$	3,869			$3,563			$2,770		$1,433		$4,287
Fixed charges:
Interest and debt expense	$	593		$	653		$	685	$	716	$	639
Interest capitalized during the period		110			84			71		72		80
Rentals deemed representative of an interest factor		43			46			50		61		65
Total fixed charges	$	746		$	783		$	806	$	849	$	784
Ratio of earnings to fixed charges		5.2			4.6			3.4		1.7		5.5

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