Eaton Corporation plc
2012 Annual Report on Form 10-K
Item 15(b)
Exhibit 12
Ratio of Earnings to Fixed Charges

|  | Year ended December 31
(In millions) |  | 2012 |  | 2011 |  | 2010 |  | 2009 |  | 2008
Income from continuing operations before income taxes and noncontrolling interests in consolidated subsidiaries |  | $ | 1,251 |  |  | $ | 1,553 |  |  | $ | 1,036 |  |  | $ | 303 |  |  | $ | 1,140 |
Adjustments |  |  |  |  |  |  |  |  |  |
Income of equity investees |  | (2 | ) |  | (2 | ) |  | (14 | ) |  | (6 | ) |  | (11 | )
Distributed income of equity investees |  | 19 |  |  | 3 |  |  | 15 |  |  | 9 |  |  | 1 |
Interest expensed |  | 165 |  |  | 154 |  |  | 162 |  |  | 170 |  |  | 192 |
Amortization of debt issue costs |  | 74 |  |  | 4 |  |  | 4 |  |  | 5 |  |  | 2 |
Estimated portion of rent expense representing interest |  | 66 |  |  | 65 |  |  | 57 |  |  | 59 |  |  | 58 |
Amortization of capitalized interest |  | 12 |  |  | 10 |  |  | 10 |  |  | 13 |  |  | 13 |
Adjusted income from continuing operations before income taxes |  | $ | 1,585 |  |  | $ | 1,787 |  |  | $ | 1,270 |  |  | $ | 553 |  |  | $ | 1,395 |
Fixed charges |  |  |  |  |  |  |  |  |  |
Interest expensed |  | $ | 165 |  |  | $ | 154 |  |  | $ | 162 |  |  | $ | 170 |  |  | $ | 192 |
Interest capitalized |  | 23 |  |  | 18 |  |  | 8 |  |  | 7 |  |  | 13 |
Amortization of debt issue costs |  | 74 |  |  | 4 |  |  | 4 |  |  | 5 |  |  | 2 |
Estimated portion of rent expense representing interest |  | 66 |  |  | 65 |  |  | 57 |  |  | 59 |  |  | 58 |
Total fixed charges |  | $ | 328 |  |  | $ | 241 |  |  | $ | 231 |  |  | $ | 241 |  |  | $ | 265 |
Ratio of earnings to fixed charges |  | 4.83 |  |  | 7.41 |  |  | 5.50 |  |  | 2.29 |  |  | 5.26 |