diff --git a/.gitignore b/.gitignore
index 865a238..953e5fd 100644
--- a/.gitignore
+++ b/.gitignore
@@ -9,3 +9,4 @@
 /setuptools-8.2.1.tar.gz
 /setuptools-11.0.tar.gz
 /setuptools-11.3.1.tar.gz
+/setuptools-12.0.3.tar.gz
diff --git a/python-setuptools.spec b/python-setuptools.spec
index c5eb141..c68eee4 100644
--- a/python-setuptools.spec
+++ b/python-setuptools.spec
@@ -26,8 +26,8 @@
 %endif
 
 Name:           python-setuptools
-Version:        11.3.1
-Release:        2%{?dist}
+Version:        12.0.3
+Release:        1%{?dist}
 Summary:        Easily build and distribute Python packages
 
 Group:          Applications/System
@@ -36,8 +36,6 @@ URL:            http://pypi.python.org/pypi/%{srcname}
 Source0:        http://pypi.python.org/packages/source/s/%{srcname}/%{srcname}-%{version}.tar.gz
 Source1:        psfl.txt
 Source2:        zpl.txt
-# https://bitbucket.org/pypa/setuptools/pull-request/116
-Patch0:         setuptools-fix-pytest-contexts.patch
 
 BuildArch:      noarch
 # Require this so that we use a system copy of the match_hostname() function
@@ -100,8 +98,6 @@ execute the software that requires pkg_resources.py.
 %prep
 %setup -q -n %{srcname}-%{version}
 
-%patch0 -p1
-
 # We can't remove .egg-info (but it doesn't matter, since it'll be rebuilt):
 #  The problem is that to properly execute setuptools' setup.py,
 #   it is needed for setuptools to be loaded as a Distribution
@@ -210,6 +206,9 @@ popd
 %endif # with_python3
 
 %changelog
+* Tue Jan 20 2015 Kevin Fenzi <kevin@scrye.com> 12.0.3-1
+- Update to 12.0.3
+
 * Fri Jan 09 2015 Slavek Kabrda <bkabrda@redhat.com> - 11.3.1-2
 - Huge spec cleanup
 - Make spec buildable on all Fedoras and RHEL 6 and 7
diff --git a/sources b/sources
index bac9335..0ddcf2d 100644
--- a/sources
+++ b/sources
@@ -1 +1 @@
-01f69212e019a2420c1693fb43593930  setuptools-11.3.1.tar.gz
+f07e4b0f4c1c9368fcd980d888b29a65  setuptools-12.0.3.tar.gz