EXHIBIT 12

LOCKHEED MARTIN CORPORATION COMPUTATIONS OF RATIOS

OF EARNINGS TO FIXED CHARGES

(In millions, except ratio)

	Six Months Ended June 30						Years Ended December 31
	2004			2003			2003			2002			2001		2000			1999
EARNINGS:
Earnings from continuing operations before income taxes	$	866		$	716		$	1,532		$	577		$	133	$	186		$	1,188
Interest expense		214			259			487			585			700		919			809
Losses (undistributed earnings) of 50% and less than 50% owned companies, net		(19	)		(27	)		(50	)		(8	)		85		(3	)		31
Portion of rents representative of an interest factor		25			23			49			46			46		57			75
Amortization of debt premium and discount, net		(2	)		1			—			2			2		(7	)		(4	)
Adjusted earnings from continuing operations before income taxes	$	1,084		$	972		$	2,018		$	1,202		$	966	$	1,152		$	2,099
FIXED CHARGES:
Interest expense	$	214		$	259			487		$	585		$	700	$	919		$	809
Portion of rents representative of an interest factor		25			23			49			46			46		57			75
Amortization of debt premium and discount, net		(2	)		1			—			2			2		(7	)		(4	)
Capitalized interest		—			—			—			—			—		1			10
Total fixed charges	$	237		$	283		$	536		$	633		$	748	$	970		$	890
RATIO OF EARNINGS TO FIXED CHARGES:		4.6			3.4			3.8			1.9			1.3		1.2			2.4