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EXHIBIT 12.1
TRANS-RESOURCES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
YEAR ENDED DECEMBER 31, AS
----------------------------------------------- ADJUSTED
1993 1994 1995 1996 1997 1997
---- ---- ---- ---- ---- --------
Income (loss) before income taxes and
extraordinary item.......................... $10,986 $17,219 $(6,125) $15,209 $ 4,396 $ 4,278
Deduct (add) -- equity in earnings (loss) of
investee.................................... -- (402) 478 (2,280) (1,558) (1,558)
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Income (loss) before equity in earnings of
investee, income taxes and extraordinary
item........................................ $10,986 $16,817 $(5,647) $12,929 $ 2,838 $ 2,720
======= ======= ======= ======= ======= =======
Fixed charges, as defined:
Interest expense.......................... $27,405 $28,369 $34,498 $32,195 $29,475 $29,593
Capitalized interest...................... 352 3,360 953 -- 35 35
Portion of rent considered to be
interest................................ 1,278 1,162 1,769 1,561 1,496 1,496
------- ------- ------- ------- ------- -------
Total fixed charges....................... 29,035 32,891 37,220 33,756 31,006 31,124
------- ------- ------- ------- ------- -------
Total earnings (excluding capitalized interest
above)...................................... $39,669 $46,348 $30,620 $46,685 $33,809 $33,809
======= ======= ======= ======= ======= =======
Ratio of earnings to fixed charges............ 1.4x 1.4x -- 1.4x 1.1x 1.1x
======= ======= ======= ======= ======= =======
The deficiency of earnings to fixed charges was $6,600,000 for the year
ended December 31, 1995.