Exhibit 12.1



Inergy Holdings, L.P. and Subsidiaries

Computation of Earnings to Fixed Charges

(In Thousands)



|                                                                  |  |                    |        |   |                   |   |        |           |  |   |           |   |  |   |        |  
|----------------------------------------------------------------- |  | ------------------ | ------ | - | ----------------- | - | ------ | --------- |  | - | --------- | - |  | - | ------ | -
|                                                                  |  | Three Months Ended |        |   | Nine Months Ended |  
|                                                                  |  | 6/30/2005          |        |   | 6/30/2004         |   |        | 6/30/2005 |  |   | 6/30/2004 |  
|Earnings:                                                         |  |                    |        |   |                   |   |        |           |  |   |           |   |  |   |        |  
|Net income (loss)                                                 |  | $                  | (4,830 | ) |                   | $ | (1,197 | )         |  | $ | 21,650    |   |  | $ | 8,412  |  
|Income taxes                                                      |  |                    | 210    |   |                   |   | 289    |           |  |   | (2,081    | ) |  |   | (1,153 | )
|Interest expense                                                  |  |                    | 10,058 |   |                   |   | 1,444  |           |  |   | 24,671    |   |  |   | 5,813  |  
|Interest expense related to write-off of deferred financing costs |  |                    | 598    |   |                   |   |       |           |  |   | 7,588     |   |  |   | 1,216  |  
|Interest expense related to make whole premium charge             |  |                    |       |   |                   |   |       |           |  |   |          |   |  |   | 17,949 |  
|Interest income related to swap value received                    |  |                    |       |   |                   |   |       |           |  |   |          |   |  |   | (949   | )
|Interest portion of operating leases                              |  |                    | 751    |   |                   |   | 415    |           |  |   | 2,090     |   |  |   | 1,096  |  
|                                                                  |  |                    |        |   |                   |   |        |           |  |   |           |   |  |   |        |  
|Earnings for ratio calculation                                    |  | $                  | 6,787  |   |                   | $ | 951    |           |  | $ | 53,918    |   |  | $ | 32,384 |  
|                                                                  |  |                    |        |   |                   |   |        |           |  |   |           |   |  |   |        |  
|Fixed charges:                                                    |  |                    |        |   |                   |   |        |           |  |   |           |   |  |   |        |  
|Interest expense                                                  |  | $                  | 10,058 |   |                   | $ | 1,444  |           |  | $ | 24,671    |   |  | $ | 5,813  |  
|Interest expense related to write-off of deferred financing costs |  |                    | 598    |   |                   |   |       |           |  |   | 7,588     |   |  |   | 1,216  |  
|Interest expense related to make whole premium charge             |  |                    |       |   |                   |   |       |           |  |   |          |   |  |   | 17,949 |  
|Interest income related to swap value received                    |  |                    |       |   |                   |   |       |           |  |   |          |   |  |   | (949   | )
|Interest portion of operating leases                              |  |                    | 751    |   |                   |   | 415    |           |  |   | 2,090     |   |  |   | 1,096  |  
|                                                                  |  |                    |        |   |                   |   |        |           |  |   |           |   |  |   |        |  
|Total fixed charges                                               |  | $                  | 11,407 |   |                   | $ | 1,859  |           |  | $ | 34,349    |   |  | $ | 25,125 |  
|                                                                  |  |                    |        |   |                   |   |        |           |  |   |           |   |  |   |        |  
|Ratio of earnings to fixed charges                                |  |                    | n/a    |   |                   |   | n/a    |           |  |   | 1.57      |   |  |   | 1.29   |  
|                                                                  |  |                    |        |   |                   |   |        |           |  |   |           |   |  |   |        |  



For purposes of determining the ratio
of earnings to fixed charges, earnings are defined as earnings (loss) from continuing operations before income taxes, plus fixed charges. Fixed charges consist of interest expense on all indebtedness, the amortization of deferred financing costs,
interest expense related to the write-off of deferred financing costs and interest associated with operating losses. Earnings were inadequate to cover fixed charges by $4.6 million for the three months ended June 30, 2005 and $0.9 million for the
three months ended June 30, 2004.