EXHIBIT 12.1

ICAHN ENTERPRISES L.P. AND SUBSIDIARES

RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratio)

	Six Months Ended			Year Ended December 31,
	June 30, 2016			2015			2014			2013		2012		2011
Earnings:
(Loss) income from continuing operations before income taxes, income (loss) from equity investees and non-controlling interests	$	(1,864	)	$	(2,121	)	$	(682	)	$	2,300	$	646	$	1,804
Fixed charges		486			1,203			885			595		607		522
Distributed income of equity investees		65			11			25			33		31		16
Total Earnings	$	(1,313	)	$	(907	)	$	228		$	2,928	$	1,284	$	2,342
Fixed Charges:
Interest expense	$	443		$	1,154		$	847		$	560	$	572	$	490
Estimated interest within rental expense		43			49			38			35		35		32
Total Fixed Charges	$	486		$	1,203		$	885		$	595	$	607	$	522
Ratio of earnings to fixed charges		n/a			n/a			n/a			4.9		2.1		4.5
Dollar shortfall	$	1,799		$	2,110		$	657			n/a		n/a		n/a