Olin (OLN) 10-Q 2012 Q2 Quarterly report

Exhibit 12

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(Unaudited)

	Six Months Ended June 30,
	2012			2011
Earnings:	($ in millions)
Income before taxes	$	123.8		$	283.5
Add (deduct):
Equity in income of non-consolidated affiliates	(0.8		)	(7.7		)
Dividends received from non-consolidated affiliates	0.1			0.7
Capitalized interest	(2.8		)	(0.4		)
Fixed charges as described below	24.6			23.7
Total	$	144.9		$	299.8
Fixed charges:
Interest expensed and capitalized	$	15.1		$	15.0
Estimated interest factor in rent expense(1)	9.5			8.7
Total	$	24.6		$	23.7
Ratio of earnings to fixed charges	5.9			12.6

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