EXHIBIT 12
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
| (In millions) | Years Ended December 31, | ||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income (loss) from continuing operations before taxes, discontinued operations and cumulative effect of accounting change | $ | 5 | $ | (27 | ) | $ | (13 | ) | $ | 131 | $ | 27 | |||||||
Add (deduct): | |||||||||||||||||||
Equity in income of non-consolidated affiliates | (8 | ) | — | — | (2 | ) | — | ||||||||||||
Dividends received from non-consolidated affiliates | — | — | — | 1 | — | ||||||||||||||
Fixed charges as described below | 31 | 36 | 29 | 27 | 27 | ||||||||||||||
Total | $ | 28 | $ | 9 | $ | 16 | $ | 157 | $ | 54 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest expensed and capitalized | $ | 20 | $ | 26 | $ | 18 | $ | 16 | $ | 16 | |||||||||
Estimated interest factor in rent expense (1) | 11 | 10 | 11 | 11 | 11 | ||||||||||||||
Total | $ | 31 | $ | 36 | $ | 29 | $ | 27 | $ | 27 | |||||||||
Ratio of earnings to fixed charges (2) | — | — | — | 5.8 | 2.0 | ||||||||||||||
| (1) | Amounts represent those portions of rent expense that are reasonable approximations of interest costs. |
| (2) | Income (loss) from continuing operations before taxes, discontinued operations and cumulative effect of accounting change was insufficient to cover fixed charges by approximately $3 million, $27 million and $13 million for the years ended December 31, 2003, 2002 and 2001, respectively. |