Alcoa and subsidiaries | EXHIBIT 12 |
Computation of Ratio of Earnings to Fixed Charges
For the nine months ended September 30, 2005
(in millions, except ratio)
Nine months ended September 30 | 2005 | ||
Earnings: | |||
Income from continuing operations before taxes on income | $ | 1,551 | |
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges | — | ||
Equity income | — | ||
Fixed charges | 295 | ||
Distributed income of less than 50%-owned persons | 30 | ||
Amortization of capitalized interest | 20 | ||
Total earnings | $ | 1,896 | |
Fixed Charges: | |||
Interest expense: | |||
Consolidated | $ | 261 | |
Proportionate share of 50%-owned persons | 2 | ||
$ | 263 | ||
Amount representative of the interest factor in rents: | |||
Consolidated | $ | 31 | |
Proportionate share of 50%-owned persons | 1 | ||
$ | 32 | ||
Fixed charges added to earnings | $ | 295 | |
Interest capitalized: | |||
Consolidated | $ | 28 | |
Proportionate share of 50%-owned persons | — | ||
$ | 28 | ||
Preferred stock dividend requirements of majority-owned subsidiaries | — | ||
Total fixed charges | $ | 323 | |
Ratio of earnings to fixed charges | 5.9 | ||
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