Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - OLIN Corp | oln-2016930x10q.htm |
| EX-32 - SECTION 906 CERTIFICATION STATEMENT OF CEO AND CFO - OLIN Corp | oln-ex32_2016930xq3.htm |
| EX-31.2 - SECTION 302 CERTIFICATION STATEMENT OF CFO - OLIN Corp | oln-ex312_2016930xq3.htm |
| EX-31.1 - SECTON 302 CERTIFICATION STATEMENT OF CEO - OLIN Corp | oln-ex311_2016930xq3.htm |
Exhibit 12
OLIN CORPORATION AND CONSOLIDATED SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
Nine Months Ended September 30, | ||||||||
2016 | 2015 | |||||||
Earnings: | ($ in millions) | |||||||
Income (loss) before taxes(1) | $ | (57.7 | ) | $ | 92.6 | |||
Add (deduct): | ||||||||
Earnings of non-consolidated affiliates | (1.1 | ) | (1.3 | ) | ||||
Amortization of capitalized interest | 3.0 | 1.4 | ||||||
Capitalized interest | (1.9 | ) | (0.3 | ) | ||||
Fixed charges as described below | 171.8 | 57.4 | ||||||
Total | $ | 114.1 | $ | 149.8 | ||||
Fixed charges: | ||||||||
Interest expensed and capitalized | $ | 145.5 | $ | 40.0 | ||||
Estimated interest factor in rent expense(2) | 26.3 | 17.4 | ||||||
Total | $ | 171.8 | $ | 57.4 | ||||
Ratio of earnings to fixed charges(3) | 0.7 | 2.6 | ||||||
(1) | For the nine months ended September 30, 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 nine months ended September 30, 2016 was less than 1:1. We would have needed to generate additional earnings of $57.7 million to achieve a coverage of 1:1 during the nine months ended September 30, 2016. |