EXHIBIT (12) - Computation of Ratio of Earnings to Fixed Charges

The Boeing Company and Subsidiaries

(Dollars in millions)

Year ended December 31,	2005			2004		2003		2002		2001
Earnings before federal taxes on income	$	2,819		$	1,960	$	500	$	3,143	$	3,564
Fixed charges excluding capitalized interest		699			735		777		704		698
Amortization of previously capitalized interest		54			48		53		55		65
Net adjustment for earnings from affiliates		(9	)		27		103		385		11
Earnings available for fixed charges	$	3,563		$	2,770	$	1,433	$	4,287	$	4,338
Fixed charges:
Interest and debt expense	$	653		$	685	$	716	$	639	$	650
Interest capitalized during the period		84			71		72		80		80
Rentals deemed representative of an interest factor		46			50		61		65		48
Total fixed charges	$	783		$	806	$	849	$	784	$	778
Ratio of earnings to fixed charges		4.6			3.4		1.7		5.5		5.6

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