EX-12 8 oln-2013xexhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
Exhibit 12
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)

|  | Years Ended December 31,
|  | 2013 |  | 2012 |  | 2011 |  | 2010 |  | 2009
Earnings: |  | ($ in millions)
Income from continuing operations before taxes(1) |  | $ | 250.0 |  |  | $ | 225.2 |  |  | $ | 379.4 |  |  | $ | 76.9 |  |  | $ | 209.9 |
Add (deduct): |  |  |  |  |  |  |  |  |  |
Earnings of non-consolidated affiliates |  | (2.8 | ) |  | (3.0 | ) |  | (9.6 | ) |  | (29.9 | ) |  | (37.7 | )
Distributions from affiliated companies |  | 1.5 |  |  | 1.3 |  |  | 1.4 |  |  | 2.0 |  |  | 3.5 |
Capitalized interest |  | (1.1 | ) |  | (7.4 | ) |  | (1.2 | ) |  | (0.9 | ) |  | (9.7 | )
Fixed charges as described below |  | 62.0 |  |  | 54.0 |  |  | 49.5 |  |  | 43.4 |  |  | 36.4 |
Total |  | $ | 309.6 |  |  | $ | 270.1 |  |  | $ | 419.5 |  |  | $ | 91.5 |  |  | $ | 202.4 |
Fixed charges: |  |  |  |  |  |  |  |  |  |
Interest expensed and capitalized |  | $ | 39.7 |  |  | $ | 33.8 |  |  | $ | 31.6 |  |  | $ | 26.3 |  |  | $ | 21.3 |
Estimated interest factor in rent expense(2) |  | 22.3 |  |  | 20.2 |  |  | 17.9 |  |  | 17.1 |  |  | 15.1 |
Total |  | $ | 62.0 |  |  | $ | 54.0 |  |  | $ | 49.5 |  |  | $ | 43.4 |  |  | $ | 36.4 |
Ratio of earnings to fixed charges |  | 5.0 |  |  | 5.0 |  |  | 8.5 |  |  | 2.1 |  |  | 5.6 |

(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.