Eaton Corporation
First Quarter 2011 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)	2011			2010			2009			2008			2007			2006
Income from continuing operations before income taxes and noncontrolling interests in consolidated subsidiaries	$	335		$	1,036		$	303		$	1,140		$	1,055		$	979
Adjustments
(Income) losses of equity investees		(2	)		(14	)		(6	)		(11	)		(6	)		1
Distributed income of equity investees		1			15			9			1			1			1
Interest expensed		39			162			170			192			193			139
Amortization of debt issue costs		1			4			5			2			1			1
Estimated portion of rent expense representing interest		14			57			59			58			44			41
Amortization of capitalized interest		3			10			13			13			12			12
Adjusted income from continuing operations before income taxes	$	391		$	1,270		$	553		$	1,395		$	1,300		$	1,174
Fixed charges
Interest expensed	$	39		$	162		$	170		$	192		$	193		$	139
Interest capitalized		4			8			7			13			14			14
Amortization of debt issue costs		1			4			5			2			1			1
Estimated portion of rent expense representing interest		14			57			59			58			44			41
Total fixed charges	$	58		$	231		$	241		$	265		$	252		$	195
Ratio of earnings to fixed charges		6.74			5.50			2.29			5.26			5.16			6.02