Icahn Enterprises Finance S-4 Registration of securities issued in business combination transactions

Exhibit 12.1

ICAHN ENTERPRISES L.P. AND SUBSIDIARES

RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratio)

	Nine Months Ended September 30,		Year Ended December 31,
	2017		2016			2015			2014			2013		2012
Earnings:
Income (loss) from continuing operations before income taxes, income (loss) from equity investees and non-controlling interests	$	2,451	$	(2,248	)	$	(2,121	)	$	(682	)	$	2,300	$	646
Fixed charges		713		958			1,203			885			595		607
Distributed income of equity investees		36		77			11			25			33		31
Total Earnings	$	3,200	$	(1,213	)	$	(907	)	$	228		$	2,928	$	1,284
Fixed Charges:
Interest expense	$	648	$	878		$	1,154		$	847		$	560	$	572
Estimated interest within rental expense		65		80			49			38			35		35
Total Fixed Charges	$	713	$	958		$	1,203		$	885		$	595	$	607
Ratio of earnings to fixed charges		4.5		n/a			n/a			n/a			4.9		2.1
Dollar shortfall		n/a	$	2,171		$	2,110		$	657			n/a		n/a