Olin (OLN) 10-K2014 FY Annual report

Filed: 25 Feb 15, 12:00am

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New words: Abel, Acrylic, aforementioned, alloy, aluminum, Archer, Assistant, Boardwalk, breakeven, Cabela, Carryfoward, concept, country, depict, divested, extraordinary, fabricated, Fenner, fishing, foil, frangible, gear, Guard, HATFA, Highway, indemnity, infrequently, joined, KOST, Louisiana, Lynch, merchandise, merchandising, Merrill, mid, Midland, Midstream, Navy, Petersen, Pierce, promised, randee, reconciled, redemption, retained, rod, Scott, Simplifying, SOA, Society, sumner, topic, triennial, tube, unamortized, USA, Vista, welded

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Exhibit 12

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(Unaudited)



	Years Ended December 31,
	2014			2013			2012			2011			2010
Earnings:	($ in millions)
Income from continuing operations before taxes⁽¹⁾	$	162.7		$	250.0		$	225.2		$	379.4		$	76.9
Add (deduct):
Earnings of non-consolidated affiliates	(1.7		)	(2.8		)	(3.0		)	(9.6		)	(29.9		)
Distributions from affiliated companies	—			1.5			1.3			1.4			2.0
Amortization of capitalized interest	2.2			2.1			1.6			1.4			1.3
Capitalized interest	(0.2		)	(1.1		)	(7.4		)	(1.2		)	(0.9		)
Fixed charges as described below	67.5			62.0			54.0			49.5			43.4
Total	$	230.5		$	311.7		$	271.7		$	420.9		$	92.8

Fixed charges:
Interest expensed and capitalized	$	44.0		$	39.7		$	33.8		$	31.6		$	26.3
Estimated interest factor in rent expense⁽²⁾	23.5			22.3			20.2			17.9			17.1
Total	$	67.5		$	62.0		$	54.0		$	49.5		$	43.4

Ratio of earnings to fixed charges	3.4			5.0			5.0			8.5			2.1


(1)	The income from continuing operations before taxes for the year ended December 31, 2011 included a pretax gain of $181.4 million as a result of remeasuring our previously held 50% equity interest in SunBelt.


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