EXHIBIT (12)

Computation of Ratio of Earnings to Fixed Charges

The Boeing Company and Subsidiaries

(Dollars in millions)

	Nine months ended September 30, 2010			Years ended December 31,
				2009			2008			2007			2006			2005
Earnings before federal taxes on income	$	3,504		$	1,731		$	3,995		$	6,118		$	3,194		$	2,819
Fixed charges excluding capitalized interest		545			564			492			557			636			699
Amortization of previously capitalized interest		48			61			50			58			51			54
Net adjustment for earnings from affiliates		(4	)		(10	)		(10	)		(28	)		(12	)		(9	)
Earnings available for fixed charges	$	4,093		$	2,346		$	4,527		$	6,705		$	3,869		$	3,563
Fixed charges:
Interest and debt expense(1)	$	508		$	514		$	425		$	491		$	593		$	653
Interest capitalized during the period		38			90			99			117			110			84
Rentals deemed representative of an interest factor		37			50			67			66			43			46
Total fixed charges	$	583		$	654		$	591		$	674		$	746		$	783
Ratio of earnings to fixed charges		7.0			3.6			7.7			9.9			5.2			4.6

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

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