Eaton Corporation
Second Quarter 2009 Report on Form 10-Q
Item 6
Exhibit 12
Ratio of Earnings to Fixed Charges

	Six
	months
	ended
	June 30,			Year ended December 31
	2009			2008			2007			2006		2005		2004
Income (loss) from continuing operations before income taxes & noncontrolling interests in consolidated subsidiaries	$	(33	)	$	1,140		$	1,055		$	979	$	969	$	756
Adjustments
(Income) losses of equity investees					(11	)		(6	)		1		1
Distributed income of equity investees		5			1			1			1		4		3
Interest expensed		85			192			193			139		109		88
Amortization of debt issue costs		1			2			1			1		1		1
Estimated portion of rent expense representing interest		29			58			44			41		38		37
Amortization of capitalized interest		6			13			12			12		12		17
Adjusted income from continuing operations before income taxes	$	93		$	1,395		$	1,300		$	1,174	$	1,134	$	902
Fixed charges
Interest expensed	$	85		$	192		$	193		$	139	$	109	$	88
Interest capitalized		4			13			14			14		13		7
Amortization of debt issue costs		1			2			1			1		1		1
Estimated portion of rent expense representing interest		29			58			44			41		38		37
Total fixed charges	$	119		$	265		$	252		$	195	$	161	$	133
Ratio of earnings to fixed charges			**		5.26			5.16			6.02		7.04		6.78

** - Fixed charges exceeded earnings by $26 for the six months ended June 30, 2009.

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