Ashland 10-Q 2011 Q3 Quarterly report

	EXHIBIT 12
ASHLAND INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions)

	Nine months ended
	June 30
	2011			2010
EARNINGS
Income from continuing operations	$	227		$	187
Income tax expense		46			59
Interest expense		72			93
Interest portion of rental expense		18			19
Amortization of deferred debt expense		22			77
Distributions less than earnings of
unconsolidated affiliates		(11	)		(5	)
	$	374		$	430
FIXED CHARGES
Interest expense	$	72		$	93
Interest portion of rental expense		18			19
Amortization of deferred debt expense		22			77
Capitalized interest		-			3
	$	112		$	192
RATIO OF EARNINGS TO FIXED CHARGES		3.34			2.24