EX-12 3 dex12.htm COMPUTATION Computation

 

LOCKHEED MARTIN CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR THE YEAR ENDED DECEMBER 31, 2002

(In millions, except ratio)

 

Exhibit 12

 

      

December

2002


 

EARNINGS:

          

Earnings from continuing operations before income taxes

    

$

577

 

Interest expense

    

 

585

 

Losses (undistributed earnings) of 50% and less than 50% owned
companies, net

    

 

(8

)

Portion of rents representative of an interest factor

    

 

46

 

Amortization of debt premium and discount, net

    

 

2

 

      


Adjusted earnings from continuing operations before income taxes

    

$

1,202

 

      


FIXED CHARGES:

          

Interest expense

    

$

585

 

Portion of rents representative of an interest factor

    

 

46

 

Amortization of debt premium and discount, net

    

 

2

 

Capitalized interest

    

 

—  

 

      


Total fixed charges

    

$

633

 

      


RATIO OF EARNINGS TO FIXED CHARGES:

    

 

1.9