Procedure for adding a column

I need to add a column to a table.  This table holds several thousand
records, has several indexes, and serves as the parent table to a few
child tables.

When I've done this in the past, it has taken quite a long time for
the ALTER TABLE command to complete.

So, what is the correct procedure for adding a column?  Drop the
indexes, add the column, and recreate the indexes?

Thanks.
-David