EXHIBIT 12
ASHLAND INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions)
Nine months ended
Years ended September 30 June 30
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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 $ 1,893 $ 208
Income taxes 266 68 44 150 (202) (157) 90
Interest expense 160 133 121 112 87 85 6
Interest portion of rental expense 40 35 33 35 38 29 26
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) (253) -
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$ 767 $ 373 $ 196 $ 434 $ 1,681 $ 1,599 $ 330
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FIXED CHARGES
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Interest expense $ 160 $ 133 $ 121 $ 112 $ 87 $ 85 $ 6
Interest portion of rental expense 40 35 33 35 38 29 26
Amortization of deferred debt expense 2 2 2 2 3 2 -
Capitalized interest - - - - - - 2
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$ 202 $ 170 $ 156 $ 149 $ 128 $ 116 $ 34
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RATIO OF EARNINGS TO FIXED CHARGES 3.80 2.19 1.26 2.91 13.13 13.78 9.71