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    |