EX-12 4 oln-2014xexhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED) OLN-2014-Exhibit 12


Exhibit 12

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

 
 
Years Ended December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
Earnings:
 
($ in millions)
Income from continuing operations before taxes(1)
 
$
162.7

 
$
250.0

 
$
225.2

 
$
379.4

 
$
76.9

Add (deduct):
 
 
 
 
 
 
 
 
 
 
Earnings of non-consolidated affiliates
 
(1.7
)
 
(2.8
)
 
(3.0
)
 
(9.6
)
 
(29.9
)
Distributions from affiliated companies
 
—

 
1.5

 
1.3

 
1.4

 
2.0

Amortization of capitalized interest
 
2.2

 
2.1

 
1.6

 
1.4

 
1.3

Capitalized interest
 
(0.2
)
 
(1.1
)
 
(7.4
)
 
(1.2
)
 
(0.9
)
Fixed charges as described below
 
67.5

 
62.0

 
54.0

 
49.5

 
43.4

Total
 
$
230.5

 
$
311.7

 
$
271.7

 
$
420.9

 
$
92.8

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
$
44.0

 
$
39.7

 
$
33.8

 
$
31.6

 
$
26.3

Estimated interest factor in rent expense(2)
 
23.5

 
22.3

 
20.2

 
17.9

 
17.1

Total
 
$
67.5

 
$
62.0

 
$
54.0

 
$
49.5

 
$
43.4

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
3.4

 
5.0

 
5.0

 
8.5

 
2.1


(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.