EX-12 8 dex12.htm COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS Computation of Consolidated Ratio of Earnings
EXHIBIT 12
 
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges (Unaudited)
(In millions)
 
      
Six Months Ended June 30, 2002
     
Years Ended December 31,
  
         
2001
     
2000
     
1999
   
1998
     
1997
  
Earnings:
                                                      
Income (loss) from continuing operations before taxes
     
$
(24.1
)
   
$
(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
     
 
0.1
 
   
 
—
 
   
 
—
 
   
 
—
   
 
—
 
   
 
1
 
Capitalized interest
     
 
—
 
   
 
—
 
   
 
—
 
   
 
—
   
 
(1
)
   
 
(1
)
Fixed charges as described below
     
 
20.7
 
   
 
29
 
   
 
27
 
   
 
27
   
 
31
 
   
 
36
 
      
  
  
  
  
  
Total
     
$
(3.3
)
   
$
16
 
   
$
157
 
   
$
54
   
$
89
 
   
$
183
 
      
  
  
  
  
  
      
Six Months Ended June 30,
2002
     
Years Ended December 31,
  
         
2001
     
2000
     
1999
   
1998
     
1997
  
Fixed charges:
                                                      
Interest expense and capitalized
     
$
15.3
 
   
$
18
 
   
$
16
 
   
$
16
   
$
18
 
   
$
25
 
Estimated interest factor in rent expense
     
 
5.4
 
   
 
11
 
   
 
11
 
   
 
11
   
 
13
 
   
 
11
 
      
  
  
  
  
  
Total
     
$
20.7
 
   
$
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 $13.0 million for the year ended December 31, 2001 and by approximately $24.0 million for the six months ended June 30, 2002.