EX-12 6 dex12.htm EXHIBIT 12 EXHIBIT 12

 

LOCKHEED MARTIN CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR THE YEAR ENDED DECEMBER 31, 2003

 

(In millions, except ratio)

 

Exhibit 12

 

    

December 31,

2003

  

EARNINGS:

         

Earnings from continuing operations before income taxes

    $ 1,532  

Interest expense

      487  

Losses (undistributed earnings) of 50% and less than 50% owned companies, net

      (50 )

Portion of rents representative of an interest factor

      49  

Amortization of debt premium and discount, net

      —    
    

Adjusted earnings from continuing operations before income taxes

    $ 2,018  
    

FIXED CHARGES:

         

Interest expense

    $ 487  

Portion of rents representative of an interest factor

      49  

Amortization of debt premium and discount, net

      —    

Capitalized interest

      —    
    

Total fixed charges

    $ 536  
    

RATIO OF EARNINGS TO FIXED CHARGES:

      3.8