Exhibit 12 OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges (Unaudited) (In millions) Three Months Ended March 31, ------------------- 2000 1999 ----- ----- Earnings: Income from continuing operations before taxes $31.2 $ 3.5 Add (deduct): Interest capitalized, net of amortization 0.1 (0.1) Fixed charges as described below 6.7 6.3 ----- ----- Total $38.0 $ 9.7 ===== ===== Fixed Charges: Interest expense $ 3.9 $ 3.8 Estimated interest factor in rent expense 2.8 2.5 ----- ----- Total $ 6.7 $ 6.3 ===== ===== Ratio of earnings to fixed charges 5.7 1.5 ===== =====