MagnaChip Semiconductor LTD S-1/A IPO registration (amended)

Exhibit 12.1

Statement Regarding Computation of Earnings to Fixed Charges

	Successor					Predecessor
	Six  Months Ended June 30, 2010		Two-Month Period  Ended December 31, 2009			Ten-Month Period  Ended October 25, 2009			Six  Months Ended June 28, 2009			Years Ended December 31,
												2008			2007			2006			2005
	(in millions except ratios)
Fixed charges:
Interest expensed and capitalized, amortization of debt issuance costs and discount on all indebtedness	$	8.9	$	1.3		$	31.2		$	27.5		$	76.5		$	61.4		$	60.0		$	58.5
Rent expense		2.4		0.8			3.9			2.1			4.5			3.9			4.0			4.6
Preferred stock dividend requirements of consolidated subsidiaries		—		—			6.3			6.3			13.3			12.0			10.9			9.9
Total fixed charges		11.3		2.1			41.4			35.9			94.2			77.3			74.9			73.0
Earnings:
Income (loss) from continuing operations before income taxes		2.1		(0.5	)		841.8			(35.3	)		(314.3	)		(120.0	)		(67.9	)		(109.1	)
Add:
Fixed charges		11.3		2.1			41.4			35.9			94.2			77.3			74.9			73.0
Amortization of capitalized interest		—		—			0.0			0.0			0.1			0.1			0.0			0.0
Less:
Interest capitalized		—		—			—			—			—			—			(0.1	)		(0.1	)
Preferred unit dividend requirements of consolidated subsidiaries		—		—			(6.3	)		(6.3	)		(13.3	)		(12.0	)		(10.9	)		(9.9	)
Total earnings plus fixed charges		13.4		1.6			877.0			(5.7	)		(233.2	)		(54.6	)		(3.9	)		(46.1	)
Ratio of earnings to fixed charges		1.2		—			21.2			—			—			—			—			—

The term “fixed charge” means the sum of the following: interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of interest within rental expense (equal to one-third of rental expense). Management believes this is a reasonable approximation of the interest factor.

Where a dash appears, our earnings were negative and were insufficient to cover fixed charges during the period. Our deficiencies to cover fixed charges in each period presented were as follows:

	Successor		Predecessor
	Two-Month Period  Ended December 31, 2009		Six Months Ended June 28, 2009		Years Ended December 31,
					2008		2007		2006		2005
	(in millions)
Deficiencies	$	0.5	$	41.6	$	327.5	$	132.0	$	78.8	$	119.2