Eastman Chemical (EMN) 10-K 2009 FY Annual report

EXHIBIT 12.01

EASTMAN CHEMICAL COMPANY AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

(Dollars in millions)	2009			2008			2007			2006			2005
Earnings from continuing operations before income taxes (1)	$	226		$	429		$	470		$	594		$	763
Add:
Interest expense		85			95			107			105			113
Appropriate portion of rental expense (2)		12			15			18			21			21
Amortization of capitalized interest		8			8			9			11			11
Earnings (loss) as adjusted	$	331		$	547		$	604		$	731		$	908
Fixed charges:
Interest expense	$	85		$	95		$	107		$	105		$	113
Appropriate portion of rental expense (2)		12			15			18			21			21
Capitalized interest		14			12			10			7			5
Total fixed charges	$	111		$	122		$	135		$	133		$	139
Ratio of earnings to fixed charges		3.0	x		4.5	x		4.5	x		5.5	x		6.5	x

(1)   Because the Company exited the PET business in the European region, results related to sales of PET products manufactured at the Spain, the Netherlands, and United Kingdom sites for years 2008, 2007, 2006 and 2005 are presented as discontinued operations.  For additional information, see Note 17, "Discontinued Operations", to the Company's consolidated financial statements in Part II, Item 8 of this 2009 Annual Report on Form 10-K.

(2)   For all periods presented, the interest component of rental expense is estimated to equal one-third of such expense.

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