EXHIBIT 12
Alcoa and subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratio)
Six months ended June 30, | 2015 | |||
Earnings: | ||||
Income before income taxes | $ | 763 | ||
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges | — | |||
Equity loss | 10 | |||
Fixed charges added to earnings | 264 | |||
Distributed income of less than 50 percent-owned persons | 40 | |||
Amortization of capitalized interest: | ||||
Consolidated | 21 | |||
Proportionate share of 50 percent-owned persons | — | |||
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| |||
Total earnings | $ | 1,098 | ||
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Fixed Charges: | ||||
Interest expense: | ||||
Consolidated | $ | 246 | ||
Proportionate share of 50 percent-owned persons | — | |||
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| |||
$ | 246 | |||
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| |||
Amount representative of the interest factor in rents: | ||||
Consolidated | $ | 18 | ||
Proportionate share of 50 percent-owned persons | — | |||
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| |||
$ | 18 | |||
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Fixed charges added to earnings | $ | 264 | ||
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| |||
Interest capitalized: | ||||
Consolidated | $ | 29 | ||
Proportionate share of 50 percent-owned persons | — | |||
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| |||
$ | 29 | |||
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Preferred stock dividend requirements of majority-owned subsidiaries | — | |||
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Total fixed charges | $ | 293 | ||
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Ratio of earnings to fixed charges | 3.7 |