Howmet Aerospace (HWM) 10-K 2012 FY Annual report

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratios)

For the year ended December 31,	2012			2011			2010			2009			2008
Earnings:
Income (loss) from continuing operations before income taxes	$	324		$	1,063		$	548		$	(1,498	)	$	792
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges		-			-			-			-			-
Equity income		(99	)		(127	)		(54	)		(17	)		(130	)
Fixed charges added to earnings		533			568			532			508			452
Distributed income of less than 50 percent-owned persons		101			100			33			56			81
Amortization of capitalized interest:
Consolidated		44			43			39			30			26
Proportionate share of 50 percent-owned persons		-			-			-			-			-
Total earnings	$	903		$	1,647		$	1,098		$	(921	)	$	1,221
Fixed Charges:
Interest expense:
Consolidated	$	490		$	524		$	494		$	470		$	407
Proportionate share of 50 percent-owned persons		-			-			-			-			1
		490			524			494			470			408
Amount representative of the interest factor in rents:
Consolidated		43			44			38			38			43
Proportionate share of 50 percent-owned persons		-			-			-			-			1
		43			44			38			38			44
Fixed charges added to earnings		533			568			532			508			452
Interest capitalized:
Consolidated		93			102			96			165			167
Proportionate share of 50 percent-owned persons		-			-			-			-			2
		93			102			96			165			169
Preferred stock dividend requirements of majority-owned subsidiaries		-			-			-			-			-
Total fixed charges	$	626		$	670		$	628		$	673		$	621
Ratio of earnings to fixed charges		1.4			2.5			1.7			(A	)		2.0

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