The issue is that you rotate an element which is not centered in your span.
If you want a real solution, add transform-origin on .spin to change the center of rotation
.spin{
-webkit-transform-origin: 50% 58%;
transform-origin:50% 58%;
-ms-transform-origin:50% 58%; /* IE 9 */
-webkit-animation: spin .2s infinite linear;
-moz-animation: spin .2s infinite linear;
-o-animation: spin .2s infinite linear;
animation: spin .2s infinite linear;
}
http://jsfiddle.net/L4zTu/5/