Eaton Corporation

2011 Annual Report on Form 10-K

Item 15(b)

Exhibit 12

Ratio of Earnings to Fixed Charges

	Year ended December 31
(In millions)	2011			2010			2009			2008			2007
Income from continuing operations before income taxes and   noncontrolling interests in consolidated subsidiaries	$	1,553		$	1,036		$	303		$	1,140		$	1,055
Adjustments
Income of equity investees	(2		)	(14		)	(6		)	(11		)	(6		)
Distributed income of equity investees	3			15			9			1			1
Interest expensed	154			162			170			192			193
Amortization of debt issue costs	4			4			5			2			1
Estimated portion of rent expense representing interest	65			57			59			58			44
Amortization of capitalized interest	3			10			13			13			12
Adjusted income from continuing operations before   income taxes	$	1,780		$	1,270		$	553		$	1,395		$	1,300
Fixed charges
Interest expensed	$	154		$	162		$	170		$	192		$	193
Interest capitalized	5			8			7			13			14
Amortization of debt issue costs	4			4			5			2			1
Estimated portion of rent expense representing interest	65			57			59			58			44
Total fixed charges	$	228		$	231		$	241		$	265		$	252
Ratio of earnings to fixed charges	7.81			5.50			2.29			5.26			5.16

73