Exhibit 12

Lockheed Martin Corporation

Computation of Ratio of Earnings to Fixed Charges

For the Three Months Ended March 31, 2004

(In millions, except ratio)

Earnings
Earnings before income taxes	$	428
Interest expense		108
Losses (undistributed earnings) of 50% and less than 50% owned companies, net		(8	)
Portion of rents representative of an interest factor		12
Amortization of debt premium and discount, net		(1	)
Adjusted earnings from continuing operations before income taxes	$	539
Fixed Charges
Interest expense	$	108
Portion of rents representative of an interest factor		12
Amortization of debt premium and discount, net		(1	)
Capitalized interest		—
Total fixed charges	$	119
Ratio of Earnings to Fixed Charges		4.5