Alcoa and subsidiaries EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
For the three months ended March 31, 1999
(in millions, except ratio)
1999
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Earnings:
Income before taxes on income $ 363.2
Minority interests' share of earnings of majority-
owned subsidiaries without fixed charges -
Equity loss 0.8
Fixed charges 65.7
Proportionate share of income of 50%-owned
persons 2.4
Distributed income of less than 50%-owned persons -
Amortization of capitalized interest 4.6
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Total earnings $ 436.7
Fixed Charges:
Interest expense:
Consolidated $ 52.6
Proportionate share of 50%-owned persons 0.7
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53.3
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Amount representative of the interest factor in rents:
Consolidated 12.1
Proportionate share of 50%-owned persons .3
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12.4
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Fixed charges added to earnings 65.7
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Interest capitalized:
Consolidated 2.8
Proportionate share of 50%-owned persons -
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2.8
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Preferred stock dividend requirements of
majority-owned subsidiaries -
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Total fixed charges $ 68.5
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Ratio of earnings to fixed charges 6.4
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