EXHIBIT 12
Alcoa and subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(in millions, except ratio)
Nine months ended September 30, | 2015 | |||
Earnings: | ||||
Income before income taxes | $ | 969 | ||
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges | — | |||
Equity loss | 4 | |||
Fixed charges added to earnings | 396 | |||
Distributed income of less than 50 percent-owned persons | 133 | |||
Amortization of capitalized interest: | ||||
Consolidated | 31 | |||
Proportionate share of 50 percent-owned persons | — | |||
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Total earnings | $ | 1,533 | ||
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Fixed Charges: | ||||
Interest expense: | ||||
Consolidated | $ | 369 | ||
Proportionate share of 50 percent-owned persons | — | |||
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$ | 369 | |||
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Amount representative of the interest factor in rents: | ||||
Consolidated | $ | 27 | ||
Proportionate share of 50 percent-owned persons | — | |||
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$ | 27 | |||
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Fixed charges added to earnings | $ | 396 | ||
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Interest capitalized: | ||||
Consolidated | $ | 43 | ||
Proportionate share of 50 percent-owned persons | — | |||
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$ | 43 | |||
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Preferred stock dividend requirements of majority-owned subsidiaries | — | |||
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Total fixed charges | $ | 439 | ||
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Ratio of earnings to fixed charges | 3.5 | |||
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