Attached files
| file | filename |
|---|---|
| EX-31.2 - SECTION 302 CERTIFICATION STATEMENT OF CFO - OLIN Corp | oln-ex312_2016331xq1.htm |
| EX-31.1 - SECTION 302 CERTIFICATION STATEMENT OF CEO - OLIN Corp | oln-ex311_2016331xq1.htm |
| EX-32 - SECTION 906 CERTIFICATION STATEMENT OF CEO AND CFO - OLIN Corp | oln-ex32_2016331xq1.htm |
| 10-Q - FORM 10-Q - OLIN Corp | oln-2016331x10q.htm |
Exhibit 12
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
Earnings: | ($ in millions) | |||||||
Income (loss) before taxes(1) | $ | (55.4 | ) | $ | 19.6 | |||
Add (deduct): | ||||||||
Earnings of non-consolidated affiliates | (0.2 | ) | (0.4 | ) | ||||
Amortization of capitalized interest | 0.5 | 0.5 | ||||||
Capitalized interest | (0.6 | ) | (0.1 | ) | ||||
Fixed charges as described below | 57.5 | 12.9 | ||||||
Total | $ | 1.8 | $ | 32.5 | ||||
Fixed charges: | ||||||||
Interest expensed and capitalized | $ | 49.1 | $ | 7.2 | ||||
Estimated interest factor in rent expense(2) | 8.4 | 5.7 | ||||||
Total | $ | 57.5 | $ | 12.9 | ||||
Ratio of earnings to fixed charges(3) | — | 2.5 | ||||||
(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. |