Eaton Corporation
First Quarter 2008 Report on Form 10-Q
Item 6
Exhibit 12
Ratio of Earnings to Fixed Charges

	Three
	months
	ended
	Mar. 31,			Year ended December 31
	2008			2007			2006		2005		2004		2003
Income from continuing operations before income taxes	$	286		$	1,041		$	969	$	964	$	749	$	463
Adjustments
Minority interest in consolidated subsidiaries		3			14			10		5		7		12
(Income) losses of equity investees		(1	)		(6	)		1		1				(3	)
Interest expensed		46			193			139		109		88		93
Amortization of debt issue costs					1			1		1		1		2
Estimated portion of rent expense representing interest		11			44			41		38		37		38
Amortization of capitalized interest		3			12			12		12		17		13
Distributed income of equity investees					1			1		4		3
Adjusted income from continuing operations before income taxes	$	348		$	1,300		$	1,174	$	1,134	$	902	$	618
Fixed charges
Interest expensed	$	46		$	193		$	139	$	109	$	88	$	93
Interest capitalized		4			14			14		13		7		7
Amortization of debt issue costs					1			1		1		1		2
Estimated portion of rent expense representing interest		11			44			41		38		37		38
Total fixed charges	$	61		$	252		$	195	$	161	$	133	$	140
Ratio of earnings to fixed charges		5.70			5.16			6.02		7.04		6.78		4.41