EX-12 5 dex12.txt COMPUTATION OF RATIO OF EARNINGS Alcoa and subsidiaries EXHIBIT 12 Computation of Ratio of Earnings to Fixed Charges For the six months ended June 30, 2002 (in millions, except ratio) 2002 ---- Earnings: Income before taxes on income $ 731 Minority interests' share of earnings of majority- owned subsidiaries without fixed charges - Equity income (33) Fixed charges 173 Distributed income of less than 50%-owned persons 19 Amortization of capitalized interest 7 ------- Total earnings $ 897 ------- Fixed Charges: Interest expense: Consolidated $ 158 Proportionate share of 50%-owned persons 2 ------- 160 ------- Amount representative of the interest factor in rents: Consolidated 13 Proportionate share of 50%-owned persons - ------- 13 ------- Fixed charges added to earnings 173 ------- Interest capitalized: Consolidated 10 Proportionate share of 50%-owned persons - ------- 10 ------- Preferred stock dividend requirements of majority-owned subsidiaries - ------- Total fixed charges $ 183 ======= Ratio of earnings to fixed charges 4.9 =======