Exhibit 12.1

American Railcar Industries, Inc.

Computation of Ratio of Earnings (Loss) to Fixed Charges

(dollars in thousands)

	Years Ended December 31,
	2012		2011		2010			2009		2008
Earnings (loss):
Earnings (loss) before income taxes	$	104,888	$	8,202	$	(41,801	)	$	22,026	$	49,785
Loss (income) from joint ventures		451		7,900		7,789			6,797		(718	)
Fixed charges		18,532		21,066		21,975			21,679		21,169
Total earnings (loss)	$	123,871	$	37,168	$	(12,037	)	$	50,502	$	70,236
Fixed charges:
Interest expense (including amortized premiums, discounts and capitalized expenses relating to indebtedness)	$	17,765	$	20,291	$	21,275		$	20,909	$	20,299
Estimate of interest within rental expense (1)		767		775		700			770		870
Total fixed charges	$	18,532	$	21,066	$	21,975		$	21,679	$	21,169
Ratio of earnings to fixed charges		6.68		1.76		N/A	(2)		2.33		3.32

(1) Deemed to represent one-third of rental expense on operating leases.

(2) Since the company had a deficiency of earnings to cover fixed charges of $12,037, no ratio has been calculated.