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EXHIBIT 12
Alcoa and subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratio)
Nine months ended September 30, | 2007 | |||
Earnings: | ||||
Income from continuing operations before taxes on income | $ | 4,016 | ||
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges | — | |||
Equity income | (58 | ) | ||
Fixed charges | 365 | |||
Distributed income of less than 50%-owned persons | 49 | |||
Amortization of capitalized interest | 15 | |||
Total earnings | $ | 4,387 | ||
Fixed Charges: | ||||
Interest expense: | ||||
Consolidated | $ | 320 | ||
Proportionate share of 50%-owned persons | 3 | |||
$ | 323 | |||
Amount representative of the interest factor in rents: | ||||
Consolidated | $ | 41 | ||
Proportionate share of 50%-owned persons | 1 | |||
$ | 42 | |||
Fixed charges added to earnings | $ | 365 | ||
Interest capitalized: | ||||
Consolidated | $ | 152 | ||
Proportionate share of 50%-owned persons | 4 | |||
$ | 156 | |||
Preferred stock dividend requirements of majority-owned subsidiaries | — | |||
Total fixed charges | $ | 521 | ||
Ratio of earnings to fixed charges | 8.4 | |||