Olin (OLN) 10-Q 2007 Q2 Quarterly report

Exhibit 12

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(In millions)

(Unaudited

	Six Months Ended June 30,
	2007			2006
Earnings:
Income before taxes	$	88.5		$	106.2
Add (deduct):
Equity in income of non-consolidated affiliates		(20.4	)		(25.1	)
Amortization of capitalized interest		0.1			0.1
Fixed charges as described below		15.1			14.9
Total	$	83.3		$	96.1
Fixed Charges:
Interest expensed	$	9.9		$	10.2
Estimated interest factor in rent expense(1)		5.2			4.7
Total	$	15.1		$	14.9
Ratio of earnings to fixed charges		5.5			6.4

⁽¹⁾           Amounts represent those portions of rent expense that are reasonable approximations of interest costs.