EXHIBIT 12
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges (a)
(Unaudited)
(In millions) Years Ended December 31,
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1996 1995 1994 1993 1992
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Earnings:
Income (loss) from continuing operations before taxes $446 $204 $119 $(154) $70
Add (deduct):
Income taxes of 50% owned affiliates 3 3 4 3 1
Equity in (earnings) loss of less than
50% owned affiliates (2) (1) 3 5 6
Dividends received from less than
50% owned affiliates 2 1 - - -
Interest capitalized, net of amortization - 1 1 (1) (4)
Fixed charges as described below 48 53 46 47 48
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Total $497 $261 $173 $(100) $121
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Fixed charges:
Interest expense $30 $36 $30 $33 $36
Estimated interest factor in rent expense 18 17 16 14 12
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Total $48 $53 $46 $47 $48
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Ratio of earnings to fixed charges(b) 10.4 4.9 3.8 - 2.5
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(a) Computation of ratio of earnings to fixed charges has been restated to
reflect the spin-off of Primex Technologies, Inc.
(b) In the twelve months ended December 31, 1993, earnings were inadequate to
cover fixed charges by $147 million, In 1993, the Company recorded an after-tax
charge of $124 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.