Exhibit 12
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(In millions)
(Unaudited)
| Nine Months | ||||||||
Ended September 30, | ||||||||
| 2003 | 2002 | |||||||
Earnings: | ||||||||
Income (loss) before taxes and cumulative effect of accounting change | $ | 6.6 | $ | (24.6 | ) | |||
Add (deduct): | ||||||||
Equity in income of non-consolidated affiliates | (6.4 | ) | — | |||||
Amortization of capitalized interest | 0.2 | 0.2 | ||||||
Fixed charges as described below | 23.7 | 28.3 | ||||||
Total | $ | 24.1 | $ | 3.9 | ||||
Fixed Charges: | ||||||||
Interest expensed and capitalized | $ | 15.4 | $ | 20.4 | ||||
Estimated interest factor in rent expense(1) | 8.3 | 7.9 | ||||||
Total | $ | 23.7 | $ | 28.3 | ||||
Ratio of earnings to fixed charges(2) | 1.0 | — | ||||||
| (1) | Amounts represent those portions of rent expense that are reasonable approximations of interest costs. |
| (2) | Income before taxes and cumulative effect of accounting change was insufficient to cover fixed charges by approximately $24.4 million for the nine months ended September 30, 2002. |
