Exhibit 12
Alcoa and subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratio)
Six months ended June 30, | 2014 | |||
Earnings: | ||||
Loss before income taxes | $ | (67 | ) | |
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges | — | |||
Equity loss | 25 | |||
Fixed charges added to earnings | 244 | |||
Distributed income of less than 50 percent-owned persons | 43 | |||
Amortization of capitalized interest: | ||||
Consolidated | 24 | |||
Proportionate share of 50 percent-owned persons | — | |||
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Total earnings | $ | 269 | ||
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Fixed Charges: | ||||
Interest expense: | ||||
Consolidated | $ | 225 | ||
Proportionate share of 50 percent-owned persons | — | |||
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$ | 225 | |||
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Amount representative of the interest factor in rents: | ||||
Consolidated | $ | 19 | ||
Proportionate share of 50 percent-owned persons | — | |||
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$ | 19 | |||
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Fixed charges added to earnings | $ | 244 | ||
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Interest capitalized: | ||||
Consolidated | $ | 27 | ||
Proportionate share of 50 percent-owned persons | — | |||
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$ | 27 | |||
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Preferred stock dividend requirements of majority-owned subsidiaries | — | |||
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Total fixed charges | $ | 271 | ||
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Ratio of earnings to fixed charges | (A | ) | ||
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(A) | For the six months ended June 30, 2014, there was a deficiency in earnings of $2 to cover total fixed charges. |