Dow Chemical 10-Q 2011 Q2 Quarterly report

The Dow Chemical Company and Subsidiaries EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges and Combined

Fixed Charges and Preferred Stock Dividend Requirements

	Six Months Ended						For the Years Ended December 31
In millions, except ratio (Unaudited)	Jun 30, 2011			Jun 30, 2010			2010			2009			2008			2007			2006
Income from Continuing Operations Before     Income Taxes	$	2,158		$	1,445		$	2,802		$	469		$	1,277		$	4,192		$	4,938
Add (deduct):
Equity in earnings of nonconsolidated affiliates	(589		)	(548		)	(1,112		)	(630		)	(787		)	(1,122		)	(959		)
Distributed income of earnings of     nonconsolidated affiliates	639			405			668			690			836			774			616
Capitalized interest	(45		)	(32		)	(72		)	(61		)	(97		)	(85		)	(73		)
Amortization of capitalized interest	50			48			95			91			84			79			70
Preferred security dividends	—			—			—			(20		)	(63		)	(81		)	(77		)
Adjusted earnings	$	2,213		$	1,318		$	2,381		$	539		$	1,250		$	3,757		$	4,515
Fixed charges:
Interest expense and amortization of debt     discount	705			743			1,473			1,571			648			584			616
Capitalized interest	45			32			72			61			97			85			73
Preferred security dividends	—			—			—			20			63			81			77
Rental expense – interest component	51			47			95			107			120			124			131
Total fixed charges	$	801		$	822		$	1,640		$	1,759		$	928		$	874		$	897
Earnings available for the payment of     fixed charges	$	3,014		$	2,140		$	4,021		$	2,298		$	2,178		$	4,631		$	5,412
Ratio of earnings to fixed charges	3.8			2.6			2.5			1.3			2.3			5.3			6.0
Earnings required for combined fixed     charges and preferred stock dividends:
Preferred stock dividends	$	170		$	170		$	340		$	312		$	—		$	—		$	—
Adjustment to pretax basis (at 35 percent)	92			92			183			168			—			—			—
	$	262		$	262		$	523		$	480		$	—		$	—		$	—
Combined fixed charges and preferred stock     dividend requirements	$	1,063		$	1,084		$	2,163		$	2,239		$	928		$	874		$	897
Ratio of earnings to combined fixed charges     and preferred stock dividend requirements	2.8			2.0			1.9			1.0			2.3			5.3			6.0