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Alcoa and subsidiaries | EXHIBIT 12 |
Computation of Ratio of Earnings to Fixed Charges
For the three months ended March 31, 2003
(in millions, except ratio)
First quarter ended March 31 | 2003 | |||
Earnings: | ||||
Income from continuing operations before taxes on income | $ | 363 |
| |
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges |
| — |
| |
Equity income |
| (56 | ) | |
Fixed charges |
| 97 |
| |
Distributed income of less than 50%-owned persons |
| — |
| |
Amortization of capitalized interest |
| 4 |
| |
Total earnings | $ | 408 |
| |
Fixed Charges: | ||||
Interest expense: | ||||
Consolidated | $ | 88 |
| |
Proportionate share of 50%-owned persons |
| 1 |
| |
| 89 |
| ||
Amount representative of the interest factor in rents: | ||||
Consolidated |
| 8 |
| |
Proportionate share of 50%-owned persons |
| — |
| |
| 8 |
| ||
Fixed charges added to earnings |
| 97 |
| |
Interest capitalized: | ||||
Consolidated |
| 4 |
| |
Proportionate share of 50%-owned persons |
| — |
| |
| 4 |
| ||
Preferred stock dividend requirements of majority-owned subsidiaries |
| — |
| |
Total fixed charges | $ | 101 |
| |
Ratio of earnings to fixed charges |
| 4.0 |
| |
28