Howmet Aerospace (HWM) 10-K 2003 FY Annual report

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR THE YEAR ENDED DECEMBER 31

(in millions, except ratios)

	2003			2002			2001			2000			1999
Earnings:
Income from continuing operations before taxes on income and before accounting change	$	1,669		$	902		$	1,633		$	2,789		$	1,842
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges		—			—			—			1			—
Less equity earnings		(138	)		(72	)		(118	)		(115	)		(55	)
Fixed charges added to earnings		349			382			422			469			232
Distributed income of less than 50% owned persons		35			21			23			9			9
Amortization of capitalized interest:
Consolidated		21			14			13			15			15
Proportionate share of 50% owned persons		—			—			—			—			—
Total earnings	$	1,936		$	1,247		$	1,973		$	3,168		$	2,043
Fixed Charges:
Interest expense:
Consolidated	$	314		$	350		$	371		$	427		$	195
Proportionate share of 50% owned persons		4			4			6			6			4
		318			354			377			433			199
Amount representative of the interest factor in rents:
Consolidated		30			27			43			34			32
Proportionate share of 50% owned persons		1			1			2			2			1
		31			28			45			36			33
Fixed charges added to earnings		349			382			422			469			232
Interest capitalized:
Consolidated		21			22			22			20			21
Proportionate share of 50% owned persons		—			—			—			—			—
		21			22			22			20			21
Total fixed charges	$	370		$	404		$	444		$	489		$	253
Ratio of earnings to fixed charges		5.2			3.1			4.4			6.5			8.1

The financial information of all prior periods has been reclassified to reflect discontinued operations.