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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, | 2009 | |||
Earnings: | ||||
Loss from continuing operations before taxes on income | $ | (777 | ) | |
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges | – | |||
Equity loss | 19 | |||
Fixed charges added to earnings | 123 | |||
Distributed income of less than 50 percent-owned persons | 8 | |||
Amortization of capitalized interest: | ||||
Consolidated | 6 | |||
Proportionate share of 50%-owned persons | – | |||
Total earnings | $ | (621 | ) | |
Fixed Charges: | ||||
Interest expense: | ||||
Consolidated | $ | 114 | ||
Proportionate share of 50 percent-owned persons | – | |||
$ | 114 | |||
Amount representative of the interest factor in rents: | ||||
Consolidated | $ | 9 | ||
Proportionate share of 50 percent-owned persons | – | |||
$ | 9 | |||
Fixed charges added to earnings | $ | 123 | ||
Interest capitalized: | ||||
Consolidated | $ | 47 | ||
Proportionate share of 50 percent-owned persons | – | |||
$ | 47 | |||
Preferred stock dividend requirements of majority-owned subsidiaries | – | |||
Total fixed charges | $ | 170 | ||
Ratio of earnings to fixed charges | (A | ) | ||
(A) | For the three months ended March 31, 2009, there is a deficiency of earnings to cover the fixed charges of $791. |