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

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.