EX-12 8 ex12.txt EXHIBIT 12 EXHIBIT 12 ASHLAND INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In millions)
Years ended September 30 ----------------------------------------------------------- 2001 2002 2003 2004 2005 --------- ---------- --------- ---------- --------- EARNINGS Income from continuing operations $ 390 $ 115 $ 94 $ 398 $ 2,005 Income taxes 266 68 44 150 (202) Interest expense 160 133 121 112 87 Interest portion of rental expense 40 35 33 35 38 Amortization of deferred debt expense 2 2 2 2 3 Distributions in excess of (less than) earnings of unconsolidated affiliates (91) 20 (98) (263) (250) --------- ---------- --------- ---------- --------- $ 767 $ 373 $ 196 $ 434 $ 1,681 ========= ========== ========= ========== ========= FIXED CHARGES Interest expense $ 160 $ 133 $ 121 $ 112 $ 87 Interest portion of rental expense 40 35 33 35 38 Amortization of deferred debt expense 2 2 2 2 3 --------- ---------- --------- ---------- --------- $ 202 $ 170 $ 156 $ 149 $ 128 ========= ========== ========= ========== ========= RATIO OF EARNINGS TO FIXED CHARGES 3.80 2.19 1.26 2.91 13.13