Exhibit 12
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges (Unaudited)
(In millions)
Three Months
Ended March 31,
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1999 1998(a)
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Earnings:
Income from continuing operations before taxes $ 3.5 $ 34.9
Add (deduct):
Equity in (loss) income of non-consolidated affiliates (2.5) 2.0
Interest capitalized, net of amortization (0.1) (0.1)
Fixed charges as described below 6.3 8.0
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Total $ 7.2 $ 44.8
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Fixed Charges:
Interest expense $ 3.8 $ 4.8
Estimated interest factor in rent expense 2.5 3.2
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Total $ 6.3 $ 8.0
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Ratio of earnings to fixed charges 1.1 5.5
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(a) Computation of ratio of earnings to fixed charges has been restated to
reflect the spin-off of Arch Chemicals, Inc.