Ashland 10-Q 2016 Q3 Quarterly report

																EXHIBIT 12
ASHLAND INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions)
																Nine months ended
	Years ended September 30															June 30
	2015			2014			2013			2012			2011			2016			2015
EARNINGS
Income from continuing operations	$	191		$	72		$	553		$	14		$	3		$	275		$	250
Income tax expense (benefit)	(22		)	(188		)	196			(57		)	(70		)	76			55
Interest expense	148			149			208			197			105			122			111
Interest portion of rental expense	20			29			25			28			25			16			15
Amortization of deferred debt expense	18			14			65			54			26			9			17
Distributions in excess of (less than) earnings
of unconsolidated affiliates	7			(11		)	(15		)	(32		)	(12		)	(1		)	20
	$	362		$	65		$	1,032		$	204		$	77		$	497		$	468
FIXED CHARGES
Interest expense	$	148		$	149		$	208		$	197		$	105		$	122		$	111
Interest portion of rental expense	20			29			25			28			25			16			15
Amortization of deferred debt expense	18			14			65			54			26			9			17
Capitalized interest	2			1			1			1			—			1			1
	$	188		$	193		$	299		$	280		$	156		$	148		$	144
RATIO OF EARNINGS TO FIXED CHARGES	1.93			(C)			3.45			(B)			(A)			3.36			3.25
(A) 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.
(B) 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.
(C) 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.