EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

 

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(In millions)

(Unaudited)

 

    

Six Months Ended

June 30,

  
     2004
     2003
  

Earnings:

                 

Income (loss) before taxes and cumulative effect of accounting charge

    $ 22.8     $ (4.3 )

Add (deduct):

                 

Equity in income of non-consolidated affiliates

      (1.5 )     (4.6 )

Amortization of capitalized interest

      0.1       0.2  

Fixed charges as described below

      15.1       15.9  
    
 

Total

    $ 36.5     $ 7.2  
    
 

Fixed Charges:

                 

Interest expensed

    $ 10.0     $ 10.3  

Estimated interest factor in rent expense (1)

      5.1       5.6  
    
 

Total

    $ 15.1     $ 15.9  
    
 

Ratio of earnings to fixed charges (2)

      2.4       —    
    
 
(1) Amounts represent those portions of rent expense that are reasonable approximations of interest costs.
(2) Income (loss) before taxes and cumulative effect of accounting change was insufficient to cover fixed charges by approximately $8.7 million for the six months ended June 30, 2003.