Eaton Corporation
2005 Annual Report on Form 10-K
Item 15(b)
Exhibit 12
Ratio of Earnings to Fixed Charges

	Year ended December 31
(Millions of dollars)	2005		2004		2003			2002			2001
Income before income taxes	$	996	$	781	$	508		$	399		$	278
Adjustments
Minority interests in consolidated subsidiaries		5		7		12			14			8
Loss (income) from equity investees		1		0		(3	)		(1	)		0
Interest expensed		109		88		93			110			149
Amortization of debt issue costs		1		1		2			2			1
Estimated portion of rent expense representing interest		39		38		38			34			38
Amortization of capitalized interest		12		17		13			13			13
Distributed income of equity investees		4		3		0			0			0
Adjusted income before income taxes	$	1,167	$	935	$	663		$	571		$	487
Fixed charges
Interest expensed	$	109	$	88	$	93		$	110		$	149
Interest capitalized		13		7		7			8			12
Amortization of debt issue costs		1		1		2			2			1
Estimated portion of rent expense representing interest		39		38		38			34			38
Total fixed charges	$	162	$	134	$	140		$	154		$	200
Ratio of earnings to fixed charges		7.20		6.98		4.73			3.71			2.44

Income before income taxes for years before 2002 includes amortization expense related to goodwill and other intangible assets. Upon adoption of Statement of Financial Accounting Standard No. 142 on January 1, 2002, Eaton ceased amortization of goodwill and indefinite life intangible assets.