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Content analysis
?Positive | ||
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8th grade Good
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Exhibit 12
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges (Unaudited)
(In millions)
|
| Six Months |
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| 2003 |
| 2002 |
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Earnings: |
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|
|
|
|
|
|
Loss before taxes and cumulative effect of accounting change |
| $ | (4.3 | ) | $ | (24.1 | ) |
Add (deduct): |
|
|
|
|
|
|
|
Equity in income of non-consolidated affiliates |
|
| (4.6 | ) |
| — |
|
Amortization of capitalized interest |
|
| 0.2 |
|
| 0.1 |
|
Fixed charges as described below |
|
| 15.9 |
|
| 20.0 |
|
|
|
|
| ||||
Total |
| $ | 7.2 |
| $ | (4.0 | ) |
|
|
|
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Fixed Charges: |
|
|
|
|
|
|
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Interest expensed and capitalized |
| $ | 10.3 |
| $ | 14.6 |
|
Estimated interest factor in rent expense (1) |
|
| 5.6 |
|
| 5.4 |
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|
|
|
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Total |
| $ | 15.9 |
| $ | 20.0 |
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|
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Ratio of earnings to fixed charges (2) |
|
| — |
|
| — |
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(1) | Amounts represent those portions of rent expense that are reasonable approximations of interest costs. |
(2) | Loss before taxes and cumulative effect of accounting change was insufficient to cover fixed charges by approximately $8.7 million and $24.0 million for the six months ended June 30, 2003 and June 30, 2002, respectively. |