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<PAGE>
Exhibit 12
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges (Unaudited)
(In millions)
Nine Months
Ended September 30,
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2000 1999
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Earnings:
Income from continuing operations before taxes $106.8 $ 11.7
Add (deduct):
Equity in income of non-consolidated affiliates (1.1) -
Amortization of capitalized interest 0.2 0.3
Capitalized interest (0.4) -
Fixed charges as described below 20.4 20.1
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Total $125.9 $ 32.1
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Fixed Charges:
Interest expensed and capitalized $ 12.2 $ 12.1
Estimated interest factor in rent expense 8.2 8.0
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Total $ 20.4 $ 20.1
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Ratio of earnings to fixed charges 6.2 1.6
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