Exhibit 12 OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges (Unaudited) (In millions) Six Months Ended June 30, -------------- 1999 1998 ---- ---- Earnings: Income from continuing operations before taxes $ 7.3 $ 62.0 Add (deduct): Equity in income of non-consolidated affiliates -- (3.3) Interest capitalized, net of amortization 0.2 (0.1) Fixed charges as described below 13.3 15.8 ------ ------ Total $ 20.8 $ 74.4 ====== ====== Fixed Charges: Interest expense $ 7.9 $ 9.5 Estimated interest factor in rent expense 5.4 6.3 ------ ------ Total $ 13.3 $ 15.8 ====== ====== Ratio of earnings to fixed charges 1.6 4.7 === ===