Exhibit 12.1

LOCKHEED MARTIN CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In millions, except ratio)

	Nine Months Ended September 30						Years Ended December 31
	2006			2005			2005			2004			2003			2002			2001		2000
Earnings before income taxes	$	2,543		$	1,823		$	2,616		$	1,664		$	1,532		$	577		$	133	$	186
Interest expense		276			277			370			425			487			585			700		919
Losses (undistributed earnings) of 50% and less than 50% owned companies, net		(10	)		(19	)		(9	)		35			(50	)		(8	)		85		(3	)
Portion of rents representative of an interest factor		44			37			52			46			49			46			46		57
Amortization of debt premium and discount, net		(3	)		(3	)		(5	)		(5	)		—			2			2		(7	)
Adjusting earnings before income taxes	$	2,850		$	2,115		$	3,024		$	2,165		$	2,018		$	1,202		$	966	$	1,152
FIXED CHARGES
Interest expense	$	276		$	277		$	370		$	425		$	487		$	585		$	700	$	919
Portion of rents representative of an interest factor		44			37			52			46			49			46			46		57
Amortization of debt premium and discount, net		(3	)		(3	)		(5	)		(5	)		—			2			2		(7	)
Capitalized interest		—			—			—			—			—			—			—		1
Total fixed charges	$	317		$	311		$	417		$	466		$	536		$	633		$	748	$	970
RATIO OF EARNINGS TO FIXED CHARGES		9.0			6.8			7.3			4.6			3.8			1.9			1.3		1.2