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Exhibit 12
Alcoa and subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratio)
Three months ended March 31, | 2015 | |||
Earnings: | ||||
Income before income taxes | $ | 481 | ||
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges | — | |||
Equity loss | 4 | |||
Fixed charges added to earnings | 131 | |||
Distributed income of less than 50 percent-owned persons | 20 | |||
Amortization of capitalized interest: | ||||
Consolidated | 11 | |||
Proportionate share of 50 percent-owned persons | — | |||
|
| |||
Total earnings | $ | 647 | ||
|
| |||
Fixed Charges: | ||||
Interest expense: | ||||
Consolidated | $ | 122 | ||
Proportionate share of 50 percent-owned persons | — | |||
|
| |||
$ | 122 | |||
|
| |||
Amount representative of the interest factor in rents: | ||||
Consolidated | $ | 9 | ||
Proportionate share of 50 percent-owned persons | — | |||
|
| |||
$ | 9 | |||
|
| |||
Fixed charges added to earnings | $ | 131 | ||
|
| |||
Interest capitalized: | ||||
Consolidated | $ | 15 | ||
Proportionate share of 50 percent-owned persons | — | |||
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| |||
$ | 15 | |||
|
| |||
Preferred stock dividend requirements of majority-owned subsidiaries | — | |||
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| |||
Total fixed charges | $ | 146 | ||
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| |||
Ratio of earnings to fixed charges | 4.4 |