Exhibit 12.1
TRONOX INCORPORATED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Three Months Ended March 31, |
Year Ended December 31, | |||||||||||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
| (Millions of dollars) | ||||||||||||||||||||||||
| Earnings: |
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| Income (loss) from continuing operations, before income taxes |
$ | 37.4 | $ | 68.2 | $ | (120.1 | ) | $ | (62.8 | ) | $ | (8.0 | ) | $ | (89.8 | ) | ||||||||
| Fixed charges |
14.5 | 50.9 | 34.9 | 30.5 | 33.3 | 56.4 | ||||||||||||||||||
| Distributed income from equity method investee |
— | — | — | 0.7 | — | 0.4 | ||||||||||||||||||
| Gain from equity method investee |
— | (2.0 | ) | (2.4 | ) | (0.8 | ) | (0.5 | ) | (1.1 | ) | |||||||||||||
| Interest capitalized |
(0.6 | ) | (2.1 | ) | (2.0 | ) | (1.6 | ) | (4.0 | ) | (4.3 | ) | ||||||||||||
| Total earnings (loss) |
$ | 51.3 | $ | 115.0 | $ | (89.6 | ) | $ | (34.0 | ) | $ | 20.8 | $ | (38.4 | ) | |||||||||
| Fixed Charges - |
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| Interest expense |
$ | 12.0 | $ | 42.2 | $ | 27.1 | $ | 23.5 | $ | 24.9 | $ | 47.2 | ||||||||||||
| Rental expense representative of interest factor |
1.9 | 6.6 | 5.8 | 5.4 | 4.4 | 4.9 | ||||||||||||||||||
| Interest capitalized |
0.6 | 2.1 | 2.0 | 1.6 | 4.0 | 4.3 | ||||||||||||||||||
| Total fixed charges |
$ | 14.5 | $ | 50.9 | $ | 34.9 | $ | 30.5 | $ | 33.3 | $ | 56.4 | ||||||||||||
| Ratio of earnings to fixed charges |
3.5 | 2.3 | n/a | n/a | n/a | n/a | ||||||||||||||||||
| Inadequate earnings |
$ | 124.5 | $ | 64.5 | $ | 12.5 | $ | 94.8 | ||||||||||||||||