EXHIBIT 12 | ||||||||||||||||||||||||||||
ASHLAND INC. | ||||||||||||||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Six months ended | ||||||||||||||||||||||||||||
Years ended September 30 | March 31 | |||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2012 | 2011 | ||||||||||||||||||||||
EARNINGS | ||||||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 56 | $ | 88 | $ | (240 | ) | $ | 87 | $ | 257 | $ | 150 | $ | 254 | |||||||||||||
Income tax expense (benefit) | (53 | ) | (13 | ) | (83 | ) | 30 | 90 | 57 | 72 | ||||||||||||||||||
Interest expense | 105 | 117 | 163 | 9 | 9 | 102 | 50 | |||||||||||||||||||||
Interest portion of rental expense | 25 | 26 | 25 | 20 | 20 | 11 | 13 | |||||||||||||||||||||
Amortization of deferred debt expense | 26 | 81 | 52 | - | 1 | 12 | 19 | |||||||||||||||||||||
Distributions in excess of (less than) earnings | ||||||||||||||||||||||||||||
of unconsolidated affiliates | (12 | ) | (2 | ) | 1 | (10 | ) | (5 | ) | (13 | ) | (4 | ) | |||||||||||||||
$ | 147 | $ | 297 | $ | (82 | ) | $ | 136 | $ | 372 | $ | 319 | $ | 404 | ||||||||||||||
FIXED CHARGES | ||||||||||||||||||||||||||||
Interest expense | $ | 105 | $ | 117 | $ | 163 | $ | 9 | $ | 9 | $ | 102 | $ | 50 | ||||||||||||||
Interest portion of rental expense | 25 | 26 | 25 | 20 | 20 | 11 | 13 | |||||||||||||||||||||
Amortization of deferred debt expense | 26 | 81 | 52 | - | 1 | 12 | 19 | |||||||||||||||||||||
Capitalized interest | - | 2 | 3 | - | 2 | - | - | |||||||||||||||||||||
$ | 156 | $ | 226 | $ | 243 | $ | 29 | $ | 32 | $ | 125 | $ | 82 | |||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | (A) | 1.31 | (B) | 4.69 | 11.63 | 2.55 | 4.93 | |||||||||||||||||||||
(A) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $9 million would have been required for the year ended September 30, 2011. | ||||||||||||||||||||||||||||
(B) Deficiency Ratio - Due to the loss from continuing operations, the Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $325 million would have been required for the year ended September 30, 2009. |
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10-Q Filing
Ashland 10-Q2012 Q2 Quarterly report
Filed: 4 May 12, 12:00am