Exhibit 12

OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(In millions)

(Unaudited)

	Years Ended December 31,
	2005			2004			2003			2002			2001
Earnings:
Income (loss) before taxes and cumulative effect of accounting change	$	225.6		$	79.2		$	4.0		$	(26.5	)	$	(16.5	)
Add (deduct):
Equity in income of non-consolidated affiliates		(38.5	)		(10.1	)		(7.8	)		—			—
Dividends received from non-consolidated affiliates		0.5			—			—			—			—
Amortization of capitalized interest		0.2			0.3			—			—			—
Capitalized interest		(0.3	)		—			—			—			—
Fixed charges as described below		29.6			29.5			31.0			36.1			28.6
Total	$	217.1		$	98.9		$	27.2		$	9.6		$	12.1
Fixed Charges:
Interest expensed and capitalized	$	20.2		$	20.2		$	20.2		$	25.6		$	18.1
Estimated interest factor in rent expense (1)		9.4			9.3			10.8			10.5			10.5
Total	$	29.6		$	29.5		$	31.0		$	36.1		$	28.6
Ratio of earnings to fixed charges (2)		7.3			3.4

(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 $3.8, $26.5, and $16.5 for the years ended December 31, 2003, 2002, and 2001, respectively.