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