EXHIBIT 12.1

Terra Industries Inc.

Ratio of earnings to fixed charges

	2003			2004			2005			2006			2007
Earnings
Income (loss) from continuing operations		(12,481	)		67,596			22,087			4,213			201,896
Income tax expense (benefit)		(57,000	)		(5,000	)		14,217			9,247			114,795
Earnings before income tax		(69,481	)		62,596			36,304			13,460			316,691
Add:
Minority Interest Expense (Income)		(8,617	)		11,207			13,667			11,286			50,281
Equity Investee (Income) Loss		—			—			(21,415	)		(17,013	)		(16,209	)
Fixed Charges		61,637			67,068			78,052			69,137			77,147
Distributed income of equity investees		—			—			46,375			35,875			29,450
		53,020			78,275			116,679			99,285			140,669
Subtract:
Preference Security and Preferred Dividends		1,153			9,101			18,741			13,961			40,339
TOTAL EARNINGS		(17,614	)		131,770			134,242			98,784			417,021
Fixed charges
Interest expense		55,072			53,134			53,478			47,991			29,100
Preference Security Dividend (TNCLP)		1,153			8,072			13,607			8,861			35,239
Preferred dividends		—			1,029			5,134			5,100			5,100
1/3 Rent expense on operating leases		5,412			4,833			5,833			7,185			7,708
		61,637			67,068			78,052			69,137			77,147
Ratio of earnings to fixed charges		(0.3	)		2.0			1.7			1.4			5.4
Dollar amount of excess (deficiency)		(79,251	)		64,702			56,190			29,647			339,874

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDEND REQUIREMENTS
(000’s)

	2003			2004			2005			2006			2007
EARNINGS
Net income (loss) from continuing operations	$	(12,481	)	$	67,596		$	22,087		$	4,213		$	201,896
Income tax expense (benefit)		(57,000	)		(5,000	)		14,217			9,247			114,795
Earnings (loss) before income taxes		(69,481	)		62,596			36,304			13,460			316,691
Minority interest expense (income) in consolidated subsidiaries		(8,617	)		11,207			13,667			11,286			50,281
Income (loss) of equity investments		—			—			(21,415	)		(17,013	)		(16,209	)
Fixed charges		61,637			67,068			78,052			69,137			77,147
Distributed income of equity investees		—			—			46,375			35,875			29,450
Less: preferred dividends		—			(1,029	)		(5,134	)		(5,100	)		(5,100	)
Less: preference security dividends of Terra Nitrogen Company, L.P.		(1,153	)		(8,072	)		(13,607	)		(8,861	)		(35,239	)
TOTAL EARNINGS (LOSS)	$	(17,614	)	$	131,770		$	134,242		$	98,784		$	417,021
FIXED CHARGES
Interest expense	$	55,072		$	53,134		$	53,478		$	47,991		$	29,100
One-third of rentals on operating leases		5,412			4,833			5,833			7,185			7,708
Preferred dividends		—			1,029			5,134			5,100			5,100
Preference security dividends of Terra Nitrogen Company, L.P.		1,153			8,072			13,607			8,861			35,239
TOTAL FIXED CHARGES	$	61,637		$	67,068		$	78,052		$	69,137		$	77,147
EARNINGS EXCESS (DEFICIENCY) TO COVER FIXED CHARGES	$	(79,251	)	$	64,702		$	56,190		$	29,647		$	339,874
RATIO OF EARNINGS TOFIXED CHARGES AND PREFERRED DIVIDENDS		(0.3	)		2.0			1.7			1.4			5.4