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)
YEAR ENDED DECEMBER 31,
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1995 1994 1993 1992 1991
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Earnings:
Consolidated income (loss) from
continuing operations.............. $ 60.3 $(101.4) $(123.1) $ 26.9 $108.4
Add (deduct) undistributed
(earnings) losses of less-than-
fifty percent-owned companies...... (19.2) 1.9 3.3 1.9 19.2
Add (deduct) minority interest
share of income (losses) of
majority-owned subsidiaries that
have fixed charges................. .4 (1.6) (4.3) (6.5) (7.6)
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Consolidated earnings (losses).. 41.5 (101.1) (124.1) 22.3 120.0
Add provision (credit) for income
taxes:
Consolidated provision (credit)
for income taxes................. 37.2 (53.8) (86.9) 5.3 32.4
Add (deduct) minority interest
share of tax provision (credit)
of majority-owned subsidiaries
that have fixed charges.......... 2.3 .6 .2 .2 (.9)
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Pre-tax income (loss)........... 81.0 (154.3) (210.8) 27.8 151.5
Fixed charges included therein (see
below)............................. 97.9 96.4 91.3 82.7 103.9
Deduct equity in losses of less-
than-fifty percent owned companies
where the Company has guaranteed
the debt of such companies......... (4.7) (2.5) (4.4)
Previously capitalized interest
amortized during the period........ 1.2 1.2 1.0 .7 .7
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Total earnings.................. $180.1 $ (61.4) $(121.0) $111.2 $251.7
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Fixed Charges:
Interest expense (includes
amortization of deferred financing
cost).............................. $ 93.9 $ 88.6 $ 84.2 $ 78.7 $ 93.9
Portion of rental expense
representative of the interest
factor............................. 2.7 2.6 2.3 2.4 2.0
Preferred stock dividend
requirements of subsidiaries....... 1.3 1.1 1.8 1.6 2.6
Interest expense related to
guaranteed debt of less-than-
fifty-percent owned companies
incurring losses................... 4.1 3.0 5.4
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Consolidated fixed charges added
to pre-tax income................ 97.9 96.4 91.3 82.7 103.9
Capitalized interest................ 2.8 2.7 3.4 4.4 4.2
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Total fixed charges............... $100.7 $ 99.1 $ 94.7 $ 87.1 $108.1
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Consolidated Ratio of Earnings to
Combined Fixed Charges and Preferred
Stock Dividends..................... 1.8x 1.3x 2.3x
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Fixed Charge and Preferred Stock
Dividends Coverage Deficiency....... $ 160.5 $ 215.7
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