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<PAGE>
Exhibit 12
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges (Unaudited)
(In millions)
<TABLE>
<CAPTION>
Six Months
Ended June 30,
--------------
2000 1999
---- ----
<S> <C> <C>
Earnings:
Income from continuing operations before taxes $ 69.0 $ 7.3
Add (deduct):
Equity in income of non-consolidated affiliates (0.4) -
Amortization of capitalized interest 0.2 0.2
Fixed charges as described below 13.5 13.3
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Total $ 82.3 $ 20.8
======= ======
Fixed Charges:
Interest expense $ 7.9 $ 7.9
Estimated interest factor in rent expense 5.6 5.4
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Total $ 13.5 $ 13.3
====== ======
Ratio of earnings to fixed charges 6.1 1.6
====== ======
</TABLE>
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