EXHIBIT 12
ASHLAND INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions)
Six months ended
Years ended September 30 March 31
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2001 2002 2003 2004 2005 2005 2006
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EARNINGS
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Income from continuing operations $ 390 $ 115 $ 94 $ 398 $ 2,005 $ 126 $ 115
Income taxes 266 68 44 150 (202) 79 47
Interest expense 160 133 121 112 87 56 4
Interest portion of rental expense 40 35 33 35 38 18 17
Amortization of deferred debt expense 2 2 2 2 3 2 -
Distributions in excess of (less than) earnings
of unconsolidated affiliates (91) 20 (98) (263) (250) (212) (1)
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$ 767 $ 373 $ 196 $ 434 $ 1,681 $ 69 $ 182
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FIXED CHARGES
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Interest expense $ 160 $ 133 $ 121 $ 112 $ 87 $ 56 $ 4
Interest portion of rental expense 40 35 33 35 38 18 17
Amortization of deferred debt expense 2 2 2 2 3 2 -
Capitalized interest - - - - - - 1
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$ 202 $ 170 $ 156 $ 149 $ 128 $ 76 $ 22
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RATIO OF EARNINGS TO FIXED CHARGES 3.80 2.19 1.26 2.91 13.13 0.91 8.27