EX-12 2 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12

Alcoa and subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratio)

Three months ended March 31, |  | 2011 |
Earnings: |  |  |  |
Income from continuing operations before income taxes |  | $ | 505 |
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges |  |  | — |
Equity income |  |  | (31 | )
Fixed charges added to earnings |  |  | 121 |
Distributed income of less than 50 percent-owned persons |  |  | 27 |
Amortization of capitalized interest: |  |  |  |
Consolidated |  |  | 10 |
Proportionate share of 50 percent-owned persons |  |  | — |
Total earnings |  | $ | 632 |
Fixed Charges: |  |  |  |
Interest expense: |  |  |  |
Consolidated |  | $ | 111 |
Proportionate share of 50 percent-owned persons |  |  | — |
|  | $ | 111 |
Amount representative of the interest factor in rents: |  |  |  |
Consolidated |  | $ | 10 |
Proportionate share of 50 percent-owned persons |  |  | — |
|  | $ | 10 |
Fixed charges added to earnings |  | $ | 121 |
Interest capitalized: |  |  |  |
Consolidated |  | $ | 28 |
Proportionate share of 50 percent-owned persons |  |  | — |
|  | $ | 28 |
Preferred stock dividend requirements of majority-owned subsidiaries |  |  | — |
Total fixed charges |  | $ | 149 |
Ratio of earnings to fixed charges |  |  | 4.2 |