EXHIBIT 12
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(In millions) Years Ended December 31,
------------------------------------
1997 1996 1995 1994 1993
------------------------------------
Earnings:
Income (loss) from continuing operations before taxes $234 $446 $204 $119 $(154)
Add (deduct):
Income taxes of 50% owned affiliates 2 3 3 4 3
Equity in (earnings) loss of less than
50% owned affiliates (6) (2) (1) 3 5
Dividends received from less than
50% owned affiliates 2 2 1 - -
Interest capitalized, net of amortization - - 1 1 (1)
Fixed charges as described below 43 48 53 46 47
---- ---- ---- ---- -----
Total $275 $497 $261 $173 $(100)
==== ==== ==== ==== =====
Fixed charges:
Interest expense $ 26 $ 30 $ 36 $ 30 $ 33
Estimated interest factor in rent expense 17 18 17 16 14
---- ---- ---- ---- -----
Total $ 43 $ 48 $ 53 $ 46 $ 47
==== ==== ==== ==== =====
Ratio of earnings to fixed charges(a) 6.4 10.4 4.9 3.8 -
==== ==== ==== ==== =====
- -----------------------------------------------------------------------------------------------
(a) 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.