EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

The Boeing Company and Subsidiaries

(Dollars in millions)

	Nine months ended		Years ended December 31,
	September 30, 2014		2013		2012		2011			2010			2009
Earnings before income taxes		$5,207		$6,232		$5,910		$5,393			$4,507			$1,731
Fixed charges excluding capitalized interest	346		514		603		677			726			564
Amortization of previously capitalized interest	55		74		75		64			60			61
Net adjustment for earnings from affiliates	5		13		69		(38		)	(11		)	(10		)
Earnings available for fixed charges		$5,613		$6,833		$6,657		$6,096			$5,282			$2,346
Fixed charges:
Interest and debt expense(1)		$305		$461		$551		$626			$676			$514
Interest capitalized during the period	75		87		74		57			48			90
Rentals deemed representative of an interest factor	41		53		52		51			50			50
Total fixed charges		$421		$601		$677		$734			$774			$654
Ratio of earnings to fixed charges	13.3		11.4		9.8		8.3			6.8			3.6

⁽¹⁾  Amount does not include tax-related interest expense which is reported as a component of Income tax expense in our Condensed Consolidated Statements of Operations.