EXHIBIT 12.1
Kronos International, Inc. and Subsidiaries
Statements of Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(In millions, except ratios)
| | | Years ended December 31, | |
| | | 2004 | | | 2005 | | | 2006 | | | 2007 | | | 2008 | |
| | | | | | | | | | | | | | | | |
| Fixed charges: | | | | | | | | | | | | | | | |
| Total interest expense | | $ | 36.7 | | | $ | 43.9 | | | $ | 63.3 | | | $ | 37.8 | | | $ | 40.7 | |
| Interest component of rent expense(1) | | | 2.7 | | | | 2.8 | | | | 2.8 | | | | 3.1 | | | | 3.4 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total fixed charges | | | 39.4 | | | | 46.7 | | | | 66.1 | | | | 40.9 | | | | 44.1 | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjustments: | | | | | | | | | | | | | | | | | | | | |
| Income before income taxes | | | 64.1 | | | | 119.6 | | | | 66.0 | | | | 63.5 | | | | 22.7 | |
| Amortization of capitalized interest | | | .5 | | | | .4 | | | | .3 | | | | .4 | | | | .3 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total adjustments | | | 64.6 | | | | 120.0 | | | | 66.3 | | | | 63.9 | | | | 23.0 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total earnings available for fixed charges | | $ | 104.0 | | | $ | 166.7 | | | $ | 132.4 | | | $ | 104.8 | | | $ | 67.1 | |
| | | | | | | | | | | | | | | | | | | | | |
Ratio of earnings to combined fixed charges (2) | | | 2.6 | | | | 3.6 | | | | 2.0 | | | | 2.6 | | | | 1.5 | |
| (1) | The interest expense component of rental expense is calculated as one-third of the aggregate rent expense for each year, which is a reasonable approximation of the interest factor. |
| (2) | Computed as (y) total earnings available for fixed charges to (z) total fixed charges. |
