EX-12 2 compratioearningsfixchr2011.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED) compratioearningsfixchr2011.htm
Exhibit 12

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

   
Years Ended December 31,
  
   
2011
    
2010
    
2009
    
2008
    
2007
  
Earnings:
                              
Income from continuing operations before taxes(1)
  
$
379.4
    
$
76.9
    
$
209.9
    
$
257.5
    
$
150.7
  
Add (deduct):
                                        
Equity in income of non-consolidated affiliates
    
(9.6
)
    
(29.9
)
    
(37.7
)
    
(39.4
)
    
(46.0
)
Dividends received from non-consolidated affiliates
    
1.4
      
2.0
      
3.5
      
0.2
      
―
  
Capitalized interest
    
(1.2
)
    
(0.9
)
    
(9.7
)
    
(5.0
)
    
(0.2
)
Fixed charges as described below
    
49.5
      
43.4
      
36.4
      
33.7
      
33.4
  
Total
  
$
419.5
    
$
91.5
    
$
202.4
    
$
247.0
    
$
137.9
  
                                         
Fixed charges:
                                        
Interest expensed and capitalized
  
$
31.6
    
$
26.3
    
$
21.3
    
$
18.3
    
$
22.3
  
Estimated interest factor in rent expense(2)
    
17.9
      
17.1
      
15.1
      
15.4
      
11.1
  
Total
  
$
49.5
    
$
43.4
    
$
36.4
    
$
33.7
    
$
33.4
  
                                         
Ratio of earnings to fixed charges
    
8.5
      
2.1
      
5.6
      
7.3
      
4.1
  

(1)
The income from continuing operations before taxes for the year ended December 31, 2011 included a pretax gain of $181.4 million as a result of remeasuring our previously held 50% equity interest in SunBelt.

(2)  
Amounts represent those portions of rent expense that are reasonable approximations of interest costs.