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Exhibit 12
Alcoa and subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratio)
Nine months ended September 30, | 2014 | |||
Earnings: | ||||
Income before income taxes | $ | 263 | ||
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges | — | |||
Equity loss | 22 | |||
Fixed charges added to earnings | 380 | |||
Distributed income of less than 50 percent-owned persons | 66 | |||
Amortization of capitalized interest: | ||||
Consolidated | 36 | |||
Proportionate share of 50 percent-owned persons | — | |||
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| |||
Total earnings | $ | 767 | ||
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| |||
Fixed Charges: | ||||
Interest expense: | ||||
Consolidated | $ | 351 | ||
Proportionate share of 50 percent-owned persons | — | |||
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| |||
$ | 351 | |||
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Amount representative of the interest factor in rents: | ||||
Consolidated | $ | 29 | ||
Proportionate share of 50 percent-owned persons | — | |||
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| |||
$ | 29 | |||
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Fixed charges added to earnings | $ | 380 | ||
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Interest capitalized: | ||||
Consolidated | $ | 41 | ||
Proportionate share of 50 percent-owned persons | — | |||
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| |||
$ | 41 | |||
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| |||
Preferred stock dividend requirements of majority-owned subsidiaries | — | |||
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Total fixed charges | $ | 421 | ||
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Ratio of earnings to fixed charges | 1.8 | |||
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