EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12

 

Alcoa and subsidiaries

 

Computation of Ratio of Earnings to Fixed Charges

For the six months ended June 30, 2005

(in millions, except ratio)

 

Six months ended June 30

    2005
        

Earnings:

       

Income from continuing operations before taxes on income

    $ 1,109

Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges

      —  

Equity loss

      21

Fixed charges

      190

Distributed income of less than 50%-owned persons

      3

Amortization of capitalized interest

      13
    

Total earnings

    $ 1,336
    

Fixed Charges:

       

Interest expense:

       

Consolidated

    $ 166

Proportionate share of 50%-owned persons

      1
    
     $ 167
    

Amount representative of the interest factor in rents:

       

Consolidated

    $ 22

Proportionate share of 50%-owned persons

      1
    
     $ 23
    

Fixed charges added to earnings

    $ 190
    

Interest capitalized:

       

Consolidated

    $ 19

Proportionate share of 50%-owned persons

      —  
    
     $ 19
    

Preferred stock dividend requirements of majority-owned subsidiaries

      —  
    

Total fixed charges

    $ 209
    

Ratio of earnings to fixed charges

      6.4

 

 

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