Kaiser Aluminum (KALU) 10-K2012 FY Annual report

Filed: 21 Feb 13, 12:00am

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Exhibit 12.1

KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In millions of dollars, except for ratio of earnings to fixed charges)



	Year Ended December 31,
	2012			2011			2010			2009			2008

Earnings:
Income (loss) from continuing operations before taxes and equity in (earnings) losses of unconsolidated affiliates	$	139.6		$	41.3		$	25.1		$	118.6		$	(91.3	)
Fixed charges	34.1			22.6			17.9			5.1			3.4
Interest capitalized	(1.7		)	(1.3		)	(2.8		)	(2.7		)	(0.3		)
Amortization of interest capitalized	0.7			0.6			0.5			0.3			0.2
Earnings	$	172.7		$	63.2		$	40.7		$	121.3		$	(88.0	)

Fixed Charges:
Interest expense, including amortization of discounts, debt issuance costs and interest component of rent expense	$	29.1		$	18.0		$	11.8		$	—		$	1.0
Interest capitalized	1.7			1.3			2.8			2.7			0.3
Portion of rental representative of interest	3.3			3.3			3.3			2.4			2.1
Fixed charges	$	34.1		$	22.6		$	17.9		$	5.1		$	3.4

Ratio of earnings to fixed charges	5.1			2.8			2.3			23.6			(25.9		)

Deficiency of earnings to fixed charges	$	—		$	—		$	—		$	—		$	(91.4	)