EX-12 8 ex12-computation.txt EXHIBIT 12 EXHIBIT 12 ASHLAND INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In millions)
Three months ended Years ended September 30 December 31 --------------------------------------------------------- ---------------------- 2000 2001 2002 2003 2004 2003 2004 ---------- --------- --------- --------- ---------- ---------- ---------- EARNINGS Income from continuing operations $ 272 $ 390 $ 115 $ 94 $ 398 $ 39 $ 94 Income taxes 179 266 68 44 150 23 55 Interest expense 189 160 133 121 112 28 28 Interest portion of rental expense 39 40 35 33 35 8 9 Amortization of deferred debt expense 2 2 2 2 2 1 - Distributions in excess of (less than) earnings of unconsolidated affiliates (113) (91) 20 (98) (263) 110 (145) ---------- --------- --------- --------- ---------- ---------- ---------- $ 568 $ 767 $ 373 $ 196 $ 434 $ 209 $ 41 ========== ========= ========= ========= ========== ========== ========== FIXED CHARGES Interest expense $ 189 $ 160 $ 133 $ 121 $ 112 $ 28 $ 28 Interest portion of rental expense 39 40 35 33 35 8 9 Amortization of deferred debt expense 2 2 2 2 2 1 - ---------- --------- --------- --------- ---------- ---------- ---------- $ 230 $ 202 $ 170 $ 156 $ 149 $ 37 $ 37 ========== ========= ========= ========= ========== ========== ========== RATIO OF EARNINGS TO FIXED CHARGES 2.47 3.80 2.19 1.26 2.91 5.65 1.11