Old Smokey - you answered the question correctly -
"I have about 12 hours of fuel remaining to cover a 2 hour flight to the ETOPS contingency airport."
You have therefore complied with the requirement to carry sufficient fuel to divert to an en-route alternate under worst case conditions.
By the way, what fuel do you have to cover the ETOPs Critical Fuel Scenario on the return sector, when you have burnt most of your fuel en-route? If the ETOPs critical sector is about 1.5 hrs from destination and the diversion is 2 hours do you have sufficient fuel?
DCDriver is absolutely correct - many sectors over ocean, sparsley populated areas, or areas without Suitable Airports may (and frequently do) require considerable amounts of extra fuel.
Fuel may not be the only bottom line, but it's certainly one of the most important ones.