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  EXHIBIT 12
 
ASHLAND INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended
 
Years ended September 30
 
March 31
 
2014
 
2013
 
2012
 
2011
 
2010
 
2015
 
2014
EARNINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
72

 
$
553

 
$
14

 
$
3

 
$
7

 
$
136

 
$
27

Income tax expense (benefit)
(188
)
 
196

 
(57
)
 
(70
)
 
(41
)
 
27

 
(25
)
Interest expense
149

 
208

 
197

 
105

 
117

 
74

 
75

Interest portion of rental expense
29

 
25

 
28

 
25

 
26

 
10

 
15

Amortization of deferred debt expense
14

 
65

 
54

 
26

 
81

 
7

 
7

Distributions in excess of (less than) earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
of unconsolidated affiliates
(11
)
 
(15
)
 
(32
)
 
(12
)
 
(1
)
 
17

 
38

 
$
65

 
$
1,032

 
$
204

 
$
77

 
$
189

 
$
271

 
$
137

 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIXED CHARGES


 
 
 
 
 
 
 
 
 
 

 
 

Interest expense
$
149

 
$
208

 
$
197

 
$
105

 
$
117

 
$
74

 
$
75

Interest portion of rental expense
29

 
25

 
28

 
25

 
26

 
10

 
15

Amortization of deferred debt expense
14

 
65

 
54

 
26

 
81

 
7

 
7

Capitalized interest
1

 
1

 
1

 
—

 
2

 
1

 
1

 
$
193

 
$
299

 
$
280

 
$
156

 
$
226

 
$
92

 
$
98

 
 
 
 
 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
(D)

 
3.45

 
(C)

 
(B)

 
(A)

 
2.95

 
1.40

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(A) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $37 million would have been required for the year ended September 30, 2010.
(B) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x.  To achieve a ratio of 1x, additional total earnings of $79 million would have been required for the year ended September 30, 2011.
(C) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x.  To achieve a ratio of 1x, additional total earnings of $76 million would have been required for the year ended September 30, 2012.
(D) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $128 million would have been required for the year ended September 30, 2014.