EX-12 7 dex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges (Unaudited) (In millions)
Years Ended December 31, ----------------------------------------------------------------------- 2001 2000 1999 1998 1997 ----------- ----------- ----------- ----------- ------------ Earnings: Income (loss) from continuing operations before taxes (13) $ 131 $ 27 $ 59 $ 147 Add (deduct): Equity in income of non-consolidated affiliates - (2) - - (1) Dividends received from non-consolidated affiliates - 1 - - 1 Amortization of capitalized interest - - - - 1 Capitalized interest - - - (1) (1) Fixed charges as described below 29 27 27 31 36 ----- ----- ----- ----- ----- Total $ 16 $ 157 $ 54 $ 89 $ 183 ===== ===== ===== ===== ===== Fixed charges: Interest expense and capitalized $ 18 $ 16 $ 16 $ 18 $ 25 Estimated interest factor in rent expense 11 11 11 13 11 ----- ----- ----- ----- ----- Total $ 29 $ 27 $ 27 $ 31 $ 36 ===== ===== ===== ===== ===== Ratio of earnings to fixed charges (1) - 5.8 2.0 2.9 5.1 ===== ===== ===== ===== =====
(1) Income (loss) from continuing operations before taxes was insufficient to cover fixed charges by approximately $13 million for the year ended December 31, 2001.