Ashland 10-Q 2015 Q1 Quarterly report

																EXHIBIT 12
ASHLAND INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions)
																Three months ended
	Years ended September 30															December 31
	2014			2013			2012			2011			2010			2014			2013
EARNINGS
Income from continuing operations	$	72		$	553		$	14		$	3		$	7		$	40		$	88
Income tax expense (benefit)	(188		)	196			(57		)	(70		)	(41		)	3			18
Interest expense	149			208			197			105			117			37			38
Interest portion of rental expense	29			25			28			25			26			5			7
Amortization of deferred debt expense	14			65			54			26			81			4			3
Distributions less than earnings
of unconsolidated affiliates	(11		)	(15		)	(32		)	(12		)	(1		)	(1		)	—
	$	65		$	1,032		$	204		$	77		$	189		$	88		$	154
FIXED CHARGES
Interest expense	$	149		$	208		$	197		$	105		$	117		$	37		$	38
Interest portion of rental expense	29			25			28			25			26			5			7
Amortization of deferred debt expense	14			65			54			26			81			4			3
Capitalized interest	1			1			1			—			2			—			—
	$	193		$	299		$	280		$	156		$	226		$	46		$	48
RATIO OF EARNINGS TO FIXED CHARGES	(D)			3.45			(C)			(B)			(A)			1.91			3.21
(A) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $37 million would have been required for the year ended September 30, 2010.
(B) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x.  To achieve a ratio of 1x, additional total earnings of $79 million would have been required for the year ended September 30, 2011.
(C) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x.  To achieve a ratio of 1x, additional total earnings of $76 million would have been required for the year ended September 30, 2012.
(D) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $128 million would have been required for the year ended September 30, 2014.