Alcoa and subsidiaries | EXHIBIT 12 |
Computation of Ratio of Earnings to Fixed Charges
For the nine months ended September 30, 2003
(in millions, except ratio)
Nine months ended September 30 | 2003 | |||
Earnings: | ||||
Income from continuing operations before taxes on income | $ | 1,205 | ||
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges | — | |||
Equity income | (112 | ) | ||
Fixed charges | 269 | |||
Distributed income of less than 50%-owned persons | 29 | |||
Amortization of capitalized interest | 14 | |||
Total earnings | $ | 1,405 | ||
Fixed Charges: | ||||
Interest expense: | ||||
Consolidated | $ | 243 | ||
Proportionate share of 50%-owned persons | 3 | |||
246 | ||||
Amount representative of the interest factor in rents: | ||||
Consolidated | 22 | |||
Proportionate share of 50%-owned persons | 1 | |||
23 | ||||
Fixed charges added to earnings | 269 | |||
Interest capitalized: | ||||
Consolidated | 15 | |||
Proportionate share of 50%-owned persons | — | |||
15 | ||||
Preferred stock dividend requirements of majority-owned subsidiaries | — | |||
Total fixed charges | $ | 284 | ||
Ratio of earnings to fixed charges | 5.0 | |||
31