EXHIBIT 12.1
ICAHN ENTERPRISES L.P. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratio)
| | | Year Ended December 31, | |
| | | 2008 | | | 2007 | | | 2006 | | | 2005 | | | 2004 | |
| Earnings: | | | | | | | | | | | | | | | |
| InIncome from continuing operations before income taxes, income (loss) from equity investees and non-controlling interest | | $ | (3,145 | ) | | $ | 489 | | | $ | 995 | | | $ | 296 | | | $ | 186 | |
| Fixed charges | | | 344 | | | | 157 | | | | 106 | | | | 79 | | | | 33 | |
| Distributed income of equity investees | | | 28 | | | | - | | | | - | | | | - | | | | - | |
| Total (loss) earnings | | $ | (2,773 | ) | | $ | 646 | | | $ | 1,101 | | | $ | 375 | | | $ | 219 | |
| | | | | | | | | | | | | | | | | | | | | |
| Fixed Charges: | | | | | | | | | | | | | | | | | | | | |
| Interest expense | | $ | 323 | | | $ | 150 | | | $ | 97 | | | $ | 74 | | | $ | 32 | |
| Interest capitalized | | | - | | | | - | | | | - | | | | - | | | | - | |
| Estimated interest within rental expense | | | 21 | | | | 7 | | | | 9 | | | | 5 | | | | 1 | |
| Total fixed charges | | $ | 344 | | | $ | 157 | | | $ | 106 | | | $ | 79 | | | $ | 33 | |
| | | | | | | | | | | | | | | | | | | | | |
| Ratio of earnings to fixed charges | | | - | (1) | | | 4.1 | | | | 10.4 | | | | 4.7 | | | | 6.6 | |
(1) Fixed charges exceeded earnings by approximately $3.1 billion for fiscal 2008.
