EX-12 4 exhibit121stqtr2009.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED) exhibit121stqtr2009.htm
Exhibit 12
 
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
 
   
Three Months Ended
March 31,
  
   
2009
    
2008
  
Earnings:
  
($ in millions)
  
Income before taxes
  
$
74.4
    
$
58.9
  
Add (deduct):
                
Equity in income of non-consolidated affiliates
    
(14.8
)
    
(8.1
)
Dividends received from non-consolidated affiliates
    
0.4
      
―
  
Capitalized interest
    
(2.5
)
    
(0.4
)
Fixed charges as described below
    
7.2
      
8.0
  
Total
  
$
64.7
    
$
58.4
  
Fixed Charges:
                
Interest expensed and capitalized
  
$
4.1
    
$
4.9
  
Estimated interest factor in rent expense(1)
    
3.1
      
3.1
  
Total
  
$
7.2
    
$
8.0
  
Ratio of earnings to fixed charges
    
9.0
      
7.3
  


(1)  Amounts represent those portions of rent expense that are reasonable approximations of interest costs.