EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS (UNAUDITED) Prepared by R.R. Donnelley Financial -- Computation of Ratio of Earnings (Unaudited)
Exhibit 12
 
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
 
Computation of Ratio of Earnings to Fixed Charges
 
(Unaudited)
 
    
Six Months
Ended June 30,
  
    
2002
     
2001
  
    
(In millions)
  
Earnings:
                  
Income (loss) before taxes
   
$
(24.1
)
   
$
14.9
 
Add (deduct):
                  
Amortization of capitalized interest
   
 
0.1
 
   
 
0.1
 
Capitalized interest
   
 
—  
 
   
 
(0.6
)
Fixed charges as described below
   
 
20.7
 
   
 
14.2
 
    
  
Total
   
$
(3.3
)
   
$
28.6
 
    
  
Fixed Charges:
                  
Interest expensed and capitalized
   
$
15.3
 
   
$
8.3
 
Estimated interest factor in rent expense
   
 
5.4
 
   
 
5.9
 
    
  
Total
   
$
20.7
 
   
$
14.2
 
    
  
Ratio of earnings to fixed charges(1)
   
 
—  
 
   
 
2.0
 
    
  
(1)
 
Income (loss) before taxes was insufficient to cover fixed charges by approximately $24.0 million for the six months ended June 30, 2002.