Alcoa 2012 Annual Report Download - page 184

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Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
For the year ended December 31, 2012 2011 2010 2009 2008
Earnings:
Income (loss) from continuing operations before income taxes $324 $1,063 $ 548 $(1,498) $ 792
Noncontrolling interests’ share of earnings of majority-owned
subsidiaries without fixed charges - - - - -
Equity income (99) (127) (54) (17) (130)
Fixed charges added to earnings 533 568 532 508 452
Distributed income of less than 50 percent-owned persons 101 100 33 56 81
Amortization of capitalized interest:
Consolidated 44 43 39 30 26
Proportionate share of 50 percent-owned persons - - - - -
Total earnings $903 $1,647 $1,098 $ (921) $1,221
Fixed Charges:
Interest expense:
Consolidated $490 $ 524 $ 494 $ 470 $ 407
Proportionate share of 50 percent-owned persons - - - - 1
490 524 494 470 408
Amount representative of the interest factor in rents:
Consolidated 43 44 38 38 43
Proportionate share of 50 percent-owned persons - - - - 1
43 44 38 38 44
Fixed charges added to earnings 533 568 532 508 452
Interest capitalized:
Consolidated 93 102 96 165 167
Proportionate share of 50 percent-owned persons - - - - 2
93 102 96 165 169
Preferred stock dividend requirements of majority-owned
subsidiaries - - - - -
Total fixed charges $626 $ 670 $ 628 $ 673 $ 621
Ratio of earnings to fixed charges 1.4 2.5 1.7 (A) 2.0
(A) For the year ended December 31, 2009, there was a deficiency of earnings to cover the fixed charges of $1,594.
173