Alcoa 2013 Annual Report Download - page 194

Download and view the complete annual report

Please find page 194 of the 2013 Alcoa annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 208

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208

Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
For the year ended December 31, 2013 2012 2011 2010 2009
Earnings:
(Loss) income from continuing operations before income taxes $(1,816) $324 $1,063 $ 548 $(1,498)
Noncontrolling interests’ share of earnings of majority-owned
subsidiaries without fixed charges - - - - -
Equity income (12) (99) (127) (54) (17)
Fixed charges added to earnings 493 533 568 532 508
Distributed income of less than 50 percent-owned persons 89 101 100 33 56
Amortization of capitalized interest:
Consolidated 46 44 43 39 30
Proportionate share of 50 percent-owned persons - - - - -
Total earnings $(1,200) $903 $1,647 $1,098 $ (921)
Fixed Charges:
Interest expense:
Consolidated $ 453 $490 $ 524 $ 494 $ 470
Proportionate share of 50 percent-owned persons - - - - -
453 490 524 494 470
Amount representative of the interest factor in rents:
Consolidated 40 43 44 38 38
Proportionate share of 50 percent-owned persons - - - - -
40 43 44 38 38
Fixed charges added to earnings 493 533 568 532 508
Interest capitalized:
Consolidated 99 93 102 96 165
Proportionate share of 50 percent-owned persons - - - - -
99 93 102 96 165
Preferred stock dividend requirements of majority-owned
subsidiaries - - - - -
Total fixed charges $ 592 $626 $ 670 $ 628 $ 673
Ratio of earnings to fixed charges (A) 1.4 2.5 1.7 (B)
(A) For the year ended December 31, 2013, there was a deficiency of earnings to cover the fixed charges of $1,792.
(B) For the year ended December 31, 2009, there was a deficiency of earnings to cover the fixed charges of $1,594.
178