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 nine months ended September 30, 2003

(in millions, except ratio)

 

Nine months ended September 30

    2003
  

Earnings:

         

Income from continuing operations before taxes on income

    $ 1,205  

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

      —    

Equity income

      (112 )

Fixed charges

      269  

Distributed income of less than 50%-owned persons

      29  

Amortization of capitalized interest

      14  
    

Total earnings

    $ 1,405  
    

Fixed Charges:

         

Interest expense:

         

Consolidated

    $ 243  

Proportionate share of 50%-owned persons

      3  
    
       246  
    

Amount representative of the interest factor in rents:

         

Consolidated

      22  

Proportionate share of 50%-owned persons

      1  
    
       23  
    

Fixed charges added to earnings

      269  
    

Interest capitalized:

         

Consolidated

      15  

Proportionate share of 50%-owned persons

      —    
    
       15  
    

Preferred stock dividend requirements of majority-owned subsidiaries

      —    
    

Total fixed charges

    $ 284  
    

Ratio of earnings to fixed charges

      5.0  
    

 

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