Exhibit 12
Alcoa and subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratio)
Nine months ended September 30, | 2009 | |||
Earnings: | ||||
Loss from continuing operations before income taxes | $ | (1,104 | ) | |
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges | — | |||
Equity income | (38 | ) | ||
Fixed charges added to earnings | 377 | |||
Distributed income of less than 50 percent-owned persons | 42 | |||
Amortization of capitalized interest: | ||||
Consolidated | 20 | |||
Proportionate share of 50%-owned persons | — | |||
Total earnings | $ | (703 | ) | |
Fixed Charges: | ||||
Interest expense: | ||||
Consolidated | $ | 349 | ||
Proportionate share of 50 percent-owned persons | — | |||
$ | 349 | |||
Amount representative of the interest factor in rents: | ||||
Consolidated | $ | 28 | ||
Proportionate share of 50 percent-owned persons | — | |||
$ | 28 | |||
Fixed charges added to earnings | $ | 377 | ||
Interest capitalized: | ||||
Consolidated | $ | 137 | ||
Proportionate share of 50 percent-owned persons | — | |||
$ | 137 | |||
Preferred stock dividend requirements of majority-owned subsidiaries | — | |||
Total fixed charges | $ | 514 | ||
Ratio of earnings to fixed charges | (A | ) | ||
(A) | For the nine months ended September 30, 2009, there is a deficiency of earnings to cover the fixed charges of $1,217. |