EXHIBIT (12)

Computation of Ratio of Earnings to Fixed Charges

The Boeing Company and Subsidiaries

(Dollars in millions)

	Three months ended March 31, 2011		Years ended December 31,
			2010			2009			2008			2007			2006
Earnings before federal taxes on income	$	883	$	4,507		$	1,731		$	3,995		$	6,118		$	3,194
Fixed charges excluding capitalized interest		176		726			564			492			557			636
Amortization of previously capitalized interest		15		60			61			50			58			51
Net adjustment for earnings from affiliates		19		(11	)		(10	)		(10	)		(28	)		(12	)
Earnings available for fixed charges	$	1,093	$	5,282		$	2,346		$	4,527		$	6,705		$	3,869
Fixed charges:
Interest and debt expense(1)	$	163	$	676		$	514		$	425		$	491		$	593
Interest capitalized during the period		11		48			90			99			117			110
Rentals deemed representative of an interest factor		13		50			50			67			66			43
Total fixed charges	$	187	$	774		$	654		$	591		$	674		$	746
Ratio of earnings to fixed charges		5.8		6.8			3.6			7.7			9.9			5.2

⁽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.