Exhibit 12.1
Trecora Resources
Ratio of Earnings to Fixed Charges

The following table sets forth the calculation of our ratio of earnings to fixed charges for each of the periods indicated:

   
Nine Months Ended
 
Year Ended December 31,
 
   
September 30, 2016
 
2015
 
2014
 
2013
 
2012
 
2011
 
   
(in thousands except ratio)
 
                           
Income before taxes
  $ 31,032   $ 28,362   $ 22,718   $ 27,645   $ 16,225   $ 20,389  
Equity in (earnings) losses of AMAK and gain from AMAK equity issuance
    (5,079)     5,325     1,072     (8,700)     211     (7,832)  
Bargain purchase gain
    (11,549)     -     -     -     -     -  
Fixed charges(1)
    2,084     2,498     1,510     911     963     1,155  
Earnings available to cover fixed charges
  $ 16,488   $ 36,185   $ 25,300   $ 19,856   $ 17,399   $ 13,712  
                                       
Ratio of earnings to fixed charges
    7.91     14.49     16.76     21.79     18.08     11.87  

(1)Fixed charges consist of the sum of (1) interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness and (ii) an estimate of the interest within rental expense (calculated based on a reasonable approximation of the interest factor).