EX-12 3 oln-2012x1231x10xkexhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED) OLN-2012-12.31-10-K-Exhibit 12


Exhibit 12

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

 
 
Years Ended December 31,
 
 
2012
 
2011
 
2010
 
2009
 
2008
Earnings:
 
($ in millions)
Income from continuing operations before taxes(1)
 
$
225.2

 
$
379.4

 
$
76.9

 
$
209.9

 
$
257.5

Add (deduct):
 
 
 
 
 
 
 
 
 
 
Equity in income of non-consolidated affiliates
 
(3.0
)
 
(9.6
)
 
(29.9
)
 
(37.7
)
 
(39.4
)
Dividends received from non-consolidated affiliates
 
1.3

 
1.4

 
2.0

 
3.5

 
0.2

Capitalized interest
 
(7.4
)
 
(1.2
)
 
(0.9
)
 
(9.7
)
 
(5.0
)
Fixed charges as described below
 
54.0

 
49.5

 
43.4

 
36.4

 
33.7

Total
 
$
270.1

 
$
419.5

 
$
91.5

 
$
202.4

 
$
247.0

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
33.8

 
$
31.6

 
$
26.3

 
$
21.3

 
$
18.3

Estimated interest factor in rent expense(2)
 
20.2

 
17.9

 
17.1

 
15.1

 
15.4

Total
 
$
54.0

 
$
49.5

 
$
43.4

 
$
36.4

 
$
33.7

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
5.0

 
8.5

 
2.1

 
5.6

 
7.3


(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.