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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, | 2011 | |||
Earnings: | ||||
Income from continuing operations before income taxes | $ | 505 | ||
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges | — | |||
Equity income | (31 | ) | ||
Fixed charges added to earnings | 121 | |||
Distributed income of less than 50 percent-owned persons | 27 | |||
Amortization of capitalized interest: | ||||
Consolidated | 10 | |||
Proportionate share of 50 percent-owned persons | — | |||
Total earnings | $ | 632 | ||
Fixed Charges: | ||||
Interest expense: | ||||
Consolidated | $ | 111 | ||
Proportionate share of 50 percent-owned persons | — | |||
$ | 111 | |||
Amount representative of the interest factor in rents: | ||||
Consolidated | $ | 10 | ||
Proportionate share of 50 percent-owned persons | — | |||
$ | 10 | |||
Fixed charges added to earnings | $ | 121 | ||
Interest capitalized: | ||||
Consolidated | $ | 28 | ||
Proportionate share of 50 percent-owned persons | — | |||
$ | 28 | |||
Preferred stock dividend requirements of majority-owned subsidiaries | — | |||
Total fixed charges | $ | 149 | ||
Ratio of earnings to fixed charges | 4.2 | |||