Olin (OLN) 10-Q 2006 Q3 Quarterly report

Exhibit 12

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(In millions)

(Unaudited)

	Nine Months Ended September 30,
	2006			2005
Earnings:
Income before taxes	$	153.0		$	163.5
Add (deduct):
Equity in income of non-consolidated affiliates		(37.7	)		(26.9	)
Amortization of capitalized interest		0.1			0.1
Fixed charges as described below		22.8			21.6
Total	$	138.2		$	158.3
Fixed Charges:
Interest expensed	$	15.3		$	14.8
Estimated interest factor in rent expense(1)		7.5			6.8
Total	$	22.8		$	21.6
Ratio of earnings to fixed charges		6.1			7.3

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