Olin (OLN) 10-Q 2010 Q3 Quarterly report

Exhibit 12

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(Unaudited)

	Nine Months Ended September 30,
	2010			2009
Earnings:	($ in millions)
Income before taxes	$	79.2		$	175.1
Add (deduct):
Equity in income of non-consolidated affiliates		(22.8	)		(32.9	)
Dividends received from non-consolidated affiliates		1.5			3.1
Capitalized interest		(0.8	)		(9.1	)
Fixed charges as described below		32.7			25.8
Total	$	89.8		$	162.0
Fixed charges:
Interest expensed and capitalized	$	20.3		$	14.3
Estimated interest factor in rent expense(1)		12.4			11.5
Total	$	32.7		$	25.8
Ratio of earnings to fixed charges		2.7			6.3

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