Exhibit 12.1

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDEND REQUIREMENTS

(000’s)

	Year ended December 31,
	2000			2001			2002			2003			2004
EARNINGS
Net income (loss) from continuing operations	$	(10,182	)	$	(79,843	)	$	(36,174	)	$	(12,481	)	$	67,596
Income tax expense (benefit)		(6,000	)		(33,000	)		(24,000	)		(57,000	)		(5,000	)
Earnings (loss) before income taxes		(16,182	)		(112,843	)		(60,174	)		(69,481	)		62,596
Minority interest expense (income) in consolidated subsidiaries		5,379			(2,247	)		1,510			(8,617	)		11,207
Income (loss) of equity investments		(843	)		(953	)		(983	)		(803	)		(893	)
Fixed charges		59,747			63,949			63,584			65,453			71,708
Distributed income of equity investees		800			600			700			1,050			500
Less: Preferred dividends		—			—			—			—			(1,583	)
Less: preference security dividends of Terra Nitrogen Company, L.P.		(1,119	)		(2,028	)		(1,846	)		(1,153	)		(8,072	)
TOTAL EARNINGS (LOSS)	$	47,782		$	(53,522	)	$	2,791		$	(13,551	)	$	135,463
FIXED CHARGES
Interest expense	$	51,511		$	53,594		$	53,800		$	55,072		$	53,134
Amortization of debt expenses		1,177			3,278			2,790			3,816			4,086
One-third of rentals on operating leases		5,940			5,049			5,148			5,412			4,833
Preferred dividends (pretax basis)		—			—			—			—			1,583
Preference security dividends of Terra Nitrogen Company, L.P.		1,119			2,028			1,846			1,153			8,072
TOTAL FIXED CHARGES	$	59,747		$	63,949		$	63,584		$	65,453		$	71,708
EARNINGS EXCESS (DEFICIENCY) TO COVER FIXED CHARGES	$	(11,965	)	$	(117,471	)	$	(60,793	)	$	(79,004	)	$	63,755
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS		—			—			—			—			1.89