let me know if it was the other way around an it worked because when I started doing this in Yosemite (ethernet connected share aT1 over wi-fi like a hotspot) I was getting a valid IP but it was bogging up on anything I tried to use.
At one point my mail wound't populate on my iPhone until I shut the wi-fi off on the Mac, then worked fine with my wi-fi router at home.
but from ethernet to wi-fi it looks like this
Turn internet sharing off so you can edit the values:

click Wi-Fi Options...

configure, click OK, then click the checkmark next to "Internet share" to turn it on, it will gray out the window so you can't change it until you unlock and shut it off again. Close the panel.
You should see a partially grayed out "!" in the wi-fi status bar and the wi-fi should be on.

if it's totally crapping out try to change the channel and when you test perhaps remove the password to bypass that whole process. I get about 50 feet of connectivity from my Mac Pro. Also make sure the card broadcasts in a protocol that the receiving device can see. (802.11a,b,c,n draft n, etc.)