Alcoa 2015 Annual Report Download - page 207
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Exhibit 12
COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(in millions, except ratios)
For the year ended December 31, 2015 2014 2013 2012 2011
Earnings:
Income (loss) from continuing operations before income taxes $248 $ 497 $(1,816) $324 $1,063
Noncontrolling interests’ share of earnings of majority-owned
subsidiaries without fixed charges - - - - -
Equity loss (income) 6 18 (12) (99) (127)
Fixed charges added to earnings 534 512 493 533 568
Distributed income of less than 50 percent-owned persons 152 86 89 101 100
Amortization of capitalized interest:
Consolidated 42 47 46 44 43
Proportionate share of 50 percent-owned persons - - - - -
Total earnings $982 $1,160 $(1,200) $903 $1,647
Fixed Charges:
Interest expense:
Consolidated $498 $ 473 $ 453 $490 $ 524
Proportionate share of 50 percent-owned persons - - - - -
498 473 453 490 524
Amount representative of the interest factor in rents:
Consolidated 36 39 40 43 44
Proportionate share of 50 percent-owned persons - - - - -
36 39 40 43 44
Fixed charges added to earnings 534 512 493 533 568
Interest capitalized:
Consolidated 57 56 99 93 102
Proportionate share of 50 percent-owned persons - - - - -
57 56 99 93 102
Preferred stock dividend requirements of majority-owned subsidiaries - - - - -
Total fixed charges $591 $ 568 $ 592 $626 $ 670
Pretax earnings required to pay preferred stock dividends* 107 32 3 3 3
Combined total fixed charges and preferred stock dividends 698 600 595 629 673
Ratio of earnings to fixed charges 1.7 2.0 (A) 1.4 2.5
Ratio of earnings to combined fixed charges and preferred stock dividends 1.4 1.9 (B) 1.4 2.4
* Based on a U.S. statutory tax rate of 35%
(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, 2013, there was a deficiency of earnings to cover the fixed charges of $1,795.
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