EXHIBIT 12

LOCKHEED MARTIN CORPORATION COMPUTATIONS OF RATIOS

OF EARNINGS TO FIXED CHARGES

(In millions, except ratio)

	Years Ended December 31
	2003			2002			2001		2000			1999
EARNINGS:
Earnings from continuing operations before income taxes	$	1,532		$	577		$	133	$	186		$	1,188
Interest expense		487			585			700		919			809
Losses (undistributed earnings) of 50% and less than 50% owned companies, net		(50	)		(8	)		85		(3	)		31
Portion of rents representative of an interest factor		49			46			46		57			75
Amortization of debt premium and discount, net		—			2			2		(7	)		(4	)
Adjusted earnings from continuing operations before income taxes	$	2,018		$	1,202		$	966	$	1,152		$	2,099
FIXED CHARGES:
Interest expense		487		$	585		$	700	$	919		$	809
Portion of rents representative of an interest factor		49			46			46		57			75
Amortization of debt premium and discount, net		—			2			2		(7	)		(4	)
Capitalized interest		—			—			—		1			10
Total fixed charges	$	536		$	633		$	748	$	970		$	890
RATIO OF EARNINGS TO FIXED CHARGES:		3.8			1.9			1.3		1.2			2.4