Howmet Aerospace (HWM) 10-K 2009 FY Annual report

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR THE YEAR ENDED DECEMBER 31,

(in millions, except ratios)

	2009			2008			2007			2006			2005
Earnings:
(Loss) income from continuing operations before income taxes	$	(1,498	)	$	792		$	4,802		$	3,515		$	2,008
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges		—			—			—			—			—
Equity income		(17	)		(130	)		(168	)		(127	)		(66	)
Fixed charges added to earnings		508			452			454			436			378
Distributed income of less than 50 percent-owned persons		56			81			51			37			40
Amortization of capitalized interest:
Consolidated		30			26			21			21			25
Proportionate share of 50 percent-owned persons		—			—			—			—			—
Total earnings	$	(921	)	$	1,221		$	5,160		$	3,882		$	2,385
Fixed Charges:
Interest expense:
Consolidated	$	470		$	407		$	401		$	384		$	334
Proportionate share of 50 percent-owned persons		—			1			3			5			3
		470			408			404			389			337
Amount representative of the interest factor in rents:
Consolidated		38			43			48			45			39
Proportionate share of 50 percent-owned persons		—			1			2			2			2
		38			44			50			47			41
Fixed charges added to earnings		508			452			454			436			378
Interest capitalized:
Consolidated		165			167			199			128			58
Proportionate share of 50 percent-owned persons		—			2			4			2
		165			169			203			130			58
Preferred stock dividend requirements of majority-owned subsidiaries		—			—			—			—			—
Total fixed charges	$	673		$	621		$	657		$	566		$	436
Ratio of earnings to fixed charges		(A	)		2.0			7.9			6.9			5.5

(A) For the year ended December 31, 2009, there was a deficiency of earnings to cover the fixed charges of $1,594.