Eaton Corporation

First Quarter 2013 Report on Form 10-Q

Item 6

Exhibit 12

Ratio of Earnings to Fixed Charges

	Three months ended March 31		Year ended December 31
(Millions of dollars)	2013		2012			2011			2010			2009			2008
Income from continuing operations before income taxes    and noncontrolling interests in consolidated subsidiaries	$	400	$	1,251		$	1,553		$	1,036		$	303		$	1,140
Adjustments
Income of equity investees	—		(2		)	(2		)	(14		)	(6		)	(11		)
Distributed income of equity investees	70		19			3			15			9			1
Interest expensed	78		165			154			162			170			192
Amortization of debt issue costs	4		74			4			4			5			2
Estimated portion of rent expense representing interest	20		66			65			57			59			58
Amortization of capitalized interest	3		12			10			10			13			13
Adjusted income from continuing operations before    income taxes	$	575	$	1,585		$	1,787		$	1,270		$	553		$	1,395
Fixed charges
Interest expensed	$	78	$	165		$	154		$	162		$	170		$	192
Interest capitalized	4		23			18			8			7			13
Amortization of debt issue costs	4		74			4			4			5			2
Estimated portion of rent expense representing interest	20		66			65			57			59			58
Total fixed charges	$	106	$	328		$	241		$	231		$	241		$	265
Ratio of earnings to fixed charges	5.42		4.83			7.41			5.50			2.29			5.26