Exhibit 12
Alcoa and subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratio)
Three months ended March 31, | 2013 | |||
Earnings: | ||||
Income before income taxes | $ | 234 | ||
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges | — | |||
Equity income | (9 | ) | ||
Fixed charges added to earnings | 125 | |||
Distributed income of less than 50 percent-owned persons | 22 | |||
Amortization of capitalized interest: | ||||
Consolidated | 11 | |||
Proportionate share of 50 percent-owned persons | — | |||
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Total earnings | $ | 383 | ||
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Fixed Charges: | ||||
Interest expense: | ||||
Consolidated | $ | 115 | ||
Proportionate share of 50 percent-owned persons | — | |||
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$ | 115 | |||
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Amount representative of the interest factor in rents: | ||||
Consolidated | $ | 10 | ||
Proportionate share of 50 percent-owned persons | — | |||
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$ | 10 | |||
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Fixed charges added to earnings | $ | 125 | ||
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Interest capitalized: | ||||
Consolidated | $ | 25 | ||
Proportionate share of 50 percent-owned persons | — | |||
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$ | 25 | |||
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Preferred stock dividend requirements of majority-owned subsidiaries | — | |||
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Total fixed charges | $ | 150 | ||
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Ratio of earnings to fixed charges | 2.6 | |||
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