EXHIBIT 12
KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(IN MILLIONS OF DOLLARS, EXCEPT RATIOS)
NINE MONTHS
ENDED
SEPTEMBER 30, YEAR ENDED DECEMBER 31,
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1995 1994 1994 1993 1992 1991 1990
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Earnings:
Consolidated income
(loss) from
continuing
operations............ $ 39.3 $ (73.7) $(101.4) $(123.1) $ 26.9 $108.4 $213.7
Add (deduct)
undistributed
(earnings) losses of
less-than-fifty
percent-owned
companies............. (17.2) 3.2 1.9 3.3 1.9 19.2 12.8
Add (deduct) minority
interest share of
income (losses) of
majority-owned
subsidiaries that
have fixed charges.... 1.0 (1.4) (1.6) (4.3) (6.5) (7.6) (5.5)
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Consolidated
earnings (losses). 23.1 (71.9) (101.1) (124.1) 22.3 120.0 221.0
Add provision (credit)
for income taxes:
Consolidated
provision for income
taxes............... 24.6 (38.6) (53.8) (86.9) 5.3 32.4 75.6
Add (deduct) minority
interest share of
tax provision
(credit) of
majority-owned
subsidiaries that
have fixed charges.. 2.1 .8 .6 .2 .2 (.9) 3.4
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Pre-tax income
(loss)............ 49.8 (109.7) (154.3) (210.8) 27.8 151.5 300.0
Fixed charges included
therein (see below)... 74.1 71.4 96.4 91.3 82.7 103.9 107.9
Deduct equity in
losses of less-than-
fifty percent owned
companies where the
Company has
guaranteed the debt
of such companies..... (2.3) (4.7) (2.5) (4.4) (5.0)
Previously capitalized
interest amortized
during the period..... .9 .8 1.2 1.0 .7 .7 .5
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Total earnings..... $124.8 $ (39.8) $ (61.4) $(121.0) $111.2 $251.7 $403.4
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Fixed Charges:
Interest expense
(includes
amortization of
deferred financing
cost)................. $ 71.3 $ 65.9 $ 88.6 $ 84.2 $ 78.7 $ 93.9 $ 96.6
Portion of rental
expense
representative of the
interest factor....... 2.0 1.9 2.6 2.3 2.4 2.0 2.4
Preferred stock
dividend requirements
of subsidiaries....... .8 .8 1.1 1.8 1.6 2.6 2.2
Interest expense
related to guaranteed
debt of less-than-
fifty-percent owned
companies incurring
losses................ 2.8 4.1 3.0 5.4 6.7
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Consolidated fixed
charges added to
pre-tax income...... 74.1 71.4 96.4 91.3 82.7 103.9 107.9
Capitalized interest... 1.9 2.2 2.7 3.4 4.4 4.2 8.9
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Total fixed charges.. $ 76.0 $ 73.6 $ 99.1 $ 94.7 $ 87.1 $108.1 $116.8
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Consolidated Ratio of
Earnings to Combined
Fixed Charges and
Preferred Stock
Dividends.............. 1.6x 1.3x 2.3x 3.5x
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Fixed Charge and
Preferred Stock
Dividends Coverage
Deficiency............. $ 113.4 $ 160.5 $ 215.7
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