Exhibit 12

Lockheed Martin Corporation

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Years ended December 31,
	2013		2012		2011		2010		2009
Earnings
Earnings from continuing operations before income taxes		$4,155		$4,072		$3,631		$3,778		$4,182
Interest expense		350		383		354		345		308
Undistributed earnings from equity investees, net		(91)		20		(104)		(81)		(60)
Portion of rents representative of the interest factor		48		48		59		48		53
Earnings from continuing operations before income taxes, as adjusted		$4,462		$4,523		$3,940		$4,090		$4,483
Fixed Charges
Interest expense		$   350		$   383		$   354		$   345		$   308
Portion of rents representative of the interest factor		48		48		59		48		53
Total fixed charges		$   398		$   431		$   413		$   393		$   361
Ratio of Earnings to Fixed Charges		11.2		10.5		9.5		10.4		12.4

The ratio of earnings to fixed charges is a measure of our ability to meet the interest requirements of our outstanding debt securities and leases with current period earnings. A high ratio indicates that earnings are sufficient to cover our current interest requirements.