EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

 

Alcoa and subsidiaries

  

EXHIBIT 12

 

Computation of Ratio of Earnings to Fixed Charges

For the three months ended March 31, 2003

(in millions, except ratio)

 

First quarter ended March 31

   

2003

  

Earnings:

         

Income from continuing operations before taxes on income

   

$

363

 

Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges

   

 

—  

 

Equity income

   

 

(56

)

Fixed charges

   

 

97

 

Distributed income of less than 50%-owned persons

   

 

—  

 

Amortization of capitalized interest

   

 

4

 

    

Total earnings

   

$

408

 

    

Fixed Charges:

         

Interest expense:

         

Consolidated

   

$

88

 

Proportionate share of 50%-owned persons

   

 

1

 

    
    

 

89

 

    

Amount representative of the interest factor in rents:

         

Consolidated

   

 

8

 

Proportionate share of 50%-owned persons

   

 

—  

 

    
    

 

8

 

    

Fixed charges added to earnings

   

 

97

 

    

Interest capitalized:

         

Consolidated

   

 

4

 

Proportionate share of 50%-owned persons

   

 

—  

 

    
    

 

4

 

    

Preferred stock dividend requirements of majority-owned subsidiaries

   

 

—  

 

    

Total fixed charges

   

$

101

 

    

Ratio of earnings to fixed charges

   

 

4.0

 

    

 

28