Alcoa 2010 Annual Report Download - page 173
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Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FOR THE YEAR ENDED DECEMBER 31,
(in millions, except ratios)
2010 2009 2008 2007 2006
Earnings:
Income (loss) from continuing operations before income taxes $ 548 $(1,498) $ 792 $4,802 $3,515
Noncontrolling interests’ share of earnings of majority-owned
subsidiaries without fixed charges — ————
Equity income (54) (17) (130) (168) (127)
Fixed charges added to earnings 532 508 452 454 436
Distributed income of less than 50 percent-owned persons 33 56 81 51 37
Amortization of capitalized interest:
Consolidated 39 30 26 21 21
Proportionate share of 50 percent-owned persons — ————
Total earnings $1,098 $ (921) $1,221 $5,160 $3,882
Fixed Charges:
Interest expense:
Consolidated $ 494 $ 470 $ 407 $ 401 $ 384
Proportionate share of 50 percent-owned persons — — 1 3 5
494 470 408 404 389
Amount representative of the interest factor in rents:
Consolidated 38 38 43 48 45
Proportionate share of 50 percent-owned persons — — 1 2 2
38 38 44 50 47
Fixed charges added to earnings 532 508 452 454 436
Interest capitalized:
Consolidated 96 165 167 199 128
Proportionate share of 50 percent-owned persons — — 2 4 2
96 165 169 203 130
Preferred stock dividend requirements of majority-owned
subsidiaries — ————
Total fixed charges $ 628 $ 673 $ 621 $ 657 $ 566
Ratio of earnings to fixed charges 1.7 (A ) 2.0 7.9 6.9
(A) For the year ended December 31, 2009, there was a deficiency of earnings to cover the fixed charges of $1,594.
165