EX-12 3 oln-ex12_2017331xq1.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)

|  | Three Months Ended March 31,
|  | 2017 |  | 2016
Earnings: |  | ($ in millions)
Income (loss) before taxes(1) |  | $ | 17.9 |  |  | $ | (55.4 | )
Add (deduct): |  |  |  |
Earnings of non-consolidated affiliates |  | (0.5 | ) |  | (0.2 | )
Amortization of capitalized interest |  | 0.5 |  |  | 0.5 |
Capitalized interest |  | (0.7 | ) |  | (0.6 | )
Fixed charges as described below |  | 62.4 |  |  | 57.5 |
Total |  | $ | 79.6 |  |  | $ | 1.8 |
Fixed charges: |  |  |  |
Interest expensed and capitalized |  | $ | 53.1 |  |  | $ | 49.1 |
Estimated interest factor in rent expense(2) |  | 9.3 |  |  | 8.4 |
Total |  | $ | 62.4 |  |  | $ | 57.5 |
Ratio of earnings to fixed charges(3) |  | 1.3 |  |  | — |

(1) | For the three months ended March 31, 2016, income (loss) before taxes included $76.6 million of non-cash asset impairment restructuring charges associated with permanently closing the Henderson, NV chlor alkali plant and reconfiguring the facility to manufacture bleach and distribute caustic soda and hydrochloric acid.

(2) | Amounts represent those portions of rent expense that are reasonable approximations of interest costs.

(3) | The ratio coverage during the three months ended March 31, 2016 was less than 1:1. We would have needed to generate additional earnings of $55.7 million to achieve a coverage of 1:1 during the three months ended March 31, 2016.