Exhibit 12(a)
OLIN CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(In millions)
Years Ended December 31,
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1994 1993 1992 1991 1990
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Earnings:
Income (loss) before taxes $141 $(150) $88 $(25) $116
Add (deduct):
Income taxes of 50% owned affiliates 4 3 1 3 (4)
Equity in (earnings) loss of less than
50% owned affiliates 2 4 5 - (5)
Dividends received from less than
50% owned affiliates - - - - 1
Interest capitalized, net of amortization 1 (1) (4) (1) (2)
Fixed charges as described below 56 56 58 63 72
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Total $204 $(88) $148 $40 $178
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Fixed charges:
Interest expense 38 41 45 50 57
Estimated interest factor in rent expense 18 15 13 13 15
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Total $56 $56 $58 $63 $72
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Ratio of earnings to fixed charges (a) 3.6 - 2.6 0.6 2.5
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(a) In the twelve months ended December 31, 1993 and December 31, 1991,
earnings were inadequate to cover fixed charges by $144 million and $23
million, respectively. In 1993, the Company recorded an after-tax charge of
$132 million for personnel reductions, business restructurings involving
consolidations and re-alignments within divisions, costs at sites of
discontinued businesses, future environmental liabilities, and other charges.
In 1991, the Company recorded an after-tax charge of $80 million to cover
losses on the disposition and write-down of certain businesses and costs of
personnel reductions.