1 EXHIBIT 12.1 TENNECO INC. AND CONSOLIDATED SUBSIDIARIES COMBINED WITH 50% OWNED UNCONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN MILLIONS) (UNAUDITED) THREE MONTHS ENDED MARCH 31, -------------- 1999 1998 ----- ----- Income (loss) from continuing operations.................... $16 $ 43 Add: Interest............................................... 19 13 Portion of rentals representative of interest factor... 3 2 Preferred stock dividend requirements of majority-owned subsidiaries.......................................... 6 7 Income tax expense (benefit) and other taxes on income................................................ 14 19 Amortization of interest capitalized................... -- -- Undistributed (earnings) losses of affiliated companies in which less than a 50% voting interest is owned..... -- -- ----- ----- Earnings (loss) as defined........................ $ 58 $ 84 ===== ===== Interest.................................................... $ 19 $ 13 Interest capitalized........................................ -- -- Portion of rentals representative of interest factor........ 3 2 Preferred stock dividend requirements of majority-owned subsidiaries on a pre-tax basis........................... 10 10 ----- ----- Fixed charges as defined.......................... $ 32 $ 25 ===== ===== Ratio of earnings to fixed charges.......................... 1.81 3.36 ===== =====