Exhibit 12.1

Leucadia National Corporation

Ratio of Earnings to Fixed Charges

	Six Months Ended June 30,			Year Ended December 31,
	2013			2012			2011			2010			2009(b)			2008(b)
	(Dollars in thousands)
Pre-tax income (loss) from continuing operations before adjustment for income (losses) from equity investees	$	152,158		$	966,520		$	677,455		$	382,940		$	(287,892	)	$	(371,506	)
Add (deduct):
Fixed charges per below		115,092			106,113			121,106			136,324			143,280			160,274
Distributed income from equity investees		59,130			93,737			39,716			454,094			36,692			87,211
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges		(537	)		(1,026	)		(2,167	)		(2,545	)		(2,288	)		(2,250	)
Income (loss), as adjusted	$	325,843		$	1,165,344		$	836,110		$	970,813		$	(110,208	)	$	(126,271	)
Fixed charges:(a)
Interest expense on debt and amortization of debt expense and debt discount and premium	$	106,366		$	96,455		$	116,452		$	129,448		$	136,226		$	152,976
Portion of rent representative of the interest factor		8,726			9,658			4,654			6,876			7,054			7,298
Total fixed charges	$	115,092		$	106,113		$	121,106		$	136,324		$	143,280		$	160,274
Ratio of earnings to fixed charges		2.83			10.98			6.90			7.12			N/A			N/A

Notes:

(a) Fixed charges include amounts relating to continuing and discontinued operations.

(b) For the years ended December 31, 2009 and 2008, “fixed charges” exceeded earnings by $253,500,000 and $286,500,000, respectively.