EX-12 2 ex12.txt EXHIBIT 12 EXHIBIT 12 ASHLAND INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In millions)
Six months ended Years ended September 30 March 31 --------------------------------------------------------- ---------------------- 2001 2002 2003 2004 2005 2005 2006 ---------- --------- --------- --------- ---------- ---------- ---------- EARNINGS -------- 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) ---------- --------- --------- --------- ---------- ---------- ---------- $ 767 $ 373 $ 196 $ 434 $ 1,681 $ 69 $ 182 ========== ========= ========= ========= ========== ========== ========== FIXED CHARGES ------------- 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 ---------- --------- --------- --------- ---------- ---------- ---------- $ 202 $ 170 $ 156 $ 149 $ 128 $ 76 $ 22 ========== ========= ========= ========= ========== ========== ========== RATIO OF EARNINGS TO FIXED CHARGES 3.80 2.19 1.26 2.91 13.13 0.91 8.27