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EXHIBIT 12
Alcoa and subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratio)
Three months ended March 31, | 2008 | |||
Earnings: | ||||
Income from continuing operations before taxes on income | $ | 575 | ||
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges | — | |||
Equity income | (50 | ) | ||
Fixed charges added to earnings | 110 | |||
Distributed income of less than 50 percent-owned persons | 19 | |||
Amortization of capitalized interest: | ||||
Consolidated | 6 | |||
Proportionate share of 50%-owned persons | — | |||
Total earnings | $ | 660 | ||
Fixed Charges: | ||||
Interest expense: | ||||
Consolidated | $ | 99 | ||
Proportionate share of 50 percent-owned persons | — | |||
$ | 99 | |||
Amount representative of the interest factor in rents: | ||||
Consolidated | $ | 11 | ||
Proportionate share of 50 percent-owned persons | — | |||
$ | 11 | |||
Fixed charges added to earnings | $ | 110 | ||
Interest capitalized: | ||||
Consolidated | $ | 39 | ||
Proportionate share of 50 percent-owned persons | 1 | |||
$ | 40 | |||
Preferred stock dividend requirements of majority-owned subsidiaries | — | |||
Total fixed charges | $ | 150 | ||
Ratio of earnings to fixed charges | 4.4 | |||
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