EX-12 3 compratioearningsfixchr2009.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED) compratioearningsfixchr2009.htm                                                          Exhibit 12

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(In millions)
(Unaudited)

   
Years Ended December 31,
  
   
2009
    
2008
    
2007
    
2006
    
2005
  
Earnings:
                              
Income from continuing operations before taxes and cumulative effect of accounting change
  
$
209.9
    
$
257.5
    
$
150.7
    
$
163.2
    
$
191.3
  
Add (deduct):
                                        
Equity in income of non-consolidated affiliates
    
(37.7
)
    
(39.4
)
    
(46.0
)
    
(45.3
)
    
(37.8
)
Dividends received from non-consolidated affiliates
    
3.5
      
0.2
      
―
      
―
      
0.5
  
Capitalized interest
    
(9.7
)
    
(5.0
)
    
(0.2
)
    
―
      
(0.3
)
Fixed charges as described below
    
36.4
      
33.7
      
33.4
      
28.7
      
27.7
  
Total
  
$
202.4
    
$
247.0
    
$
137.9
    
$
146.6
    
$
181.4
  
                                         
Fixed charges:
                                        
Interest expensed and capitalized
  
$
21.3
    
$
18.3
    
$
22.3
    
$
20.3
    
$
20.2
  
Estimated interest factor in rent expense(1)
    
15.1
      
15.4
      
11.1
      
8.4
      
7.5
  
Total
  
$
36.4
    
$
33.7
    
$
33.4
    
$
28.7
    
$
27.7
  
                                         
Ratio of earnings to fixed charges
    
5.6
      
7.3
      
4.1
      
5.1
      
6.5
  

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