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Alcoa and subsidiaries | EXHIBIT 12 |
Computation of Ratio of Earnings to Fixed Charges
For the six months ended June 30, 2006
(in millions, except ratio)
Six months ended June 30 | 2006 | |||
Earnings: | ||||
Income from continuing operations before taxes on income | $ | 2,221 | ||
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges | — | |||
Equity income | (46 | ) | ||
Fixed charges | 218 | |||
Distributed income of less than 50%-owned persons | 13 | |||
Amortization of capitalized interest | 11 | |||
Total earnings | $ | 2,417 | ||
Fixed Charges: | ||||
Interest expense: | ||||
Consolidated | $ | 190 | ||
Proportionate share of 50%-owned persons | 3 | |||
$ | 193 | |||
Amount representative of the interest factor in rents: | ||||
Consolidated | $ | 24 | ||
Proportionate share of 50%-owned persons | 1 | |||
$ | 25 | |||
Fixed charges added to earnings | $ | 218 | ||
Interest capitalized: | ||||
Consolidated | $ | 54 | ||
Proportionate share of 50%-owned persons | — | |||
$ | 54 | |||
Preferred stock dividend requirements of majority-owned subsidiaries | — | |||
Total fixed charges | $ | 272 | ||
Ratio of earnings to fixed charges | 8.9 |