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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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