Exhibit 12.1

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

	2004			2005			2006			2007			2008
EARNINGS
Net income (loss) from continuing operations	$	65,714		$	31,618		$	4,729		$	220,757		$	632,772
Income tax expense (benefit)		(6,249	)		20,544			9,590			127,316			239,851
Earnings (loss) before income taxes		59,465			52,162			14,319			348,073			872,623
Minority interest expense (income) in consolidated subsidiaries		11,207			13,667			11,286			50,281			67,684
Income (loss) of equity investments		—			(21,415	)		(17,013	)		(13,491	)		(151,815	)
Fixed charges		78,760			89,027			76,998			85,776			116,005
Distributed income of equity investees		—			46,375			35,875			29,450			72,760
Less: preferred dividends		(1,029	)		(5,134	)		(5,100	)		(5,100	)		(3,876	)
Less: preference security dividends of Terra Nitrogen Company, L.P.		(8,072	)		(13,607	)		(8,861	)		(35,239	)		(69,557	)
TOTAL EARNINGS (LOSS)	$	140,331		$	161,075		$	107,504		$	459,750		$	903,824
FIXED CHARGES
Interest expense	$	53,134		$	53,478		$	47,991		$	29,100		$	27,369
One-third of rentals on operating leases		4,833			5,833			7,185			7,708			7,824
Preferred dividends		1,029			5,134			5,100			5,100			3,876
Deferred financing costs		11,692			10,975			7,861			8,629			7,379
Preference security dividends of Terra Nitrogen Company, L.P.		8,072			13,607			8,861			35,239			69,557
TOTAL FIXED CHARGES	$	78,760		$	89,027		$	76,998		$	85,776		$	116,005
EARNINGS EXCESS (DEFICIENCY) TO COVER FIXED CHARGES	$	61,571		$	72,048		$	30,506		$	373,974		$	787,819
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS		1.8			1.8			1.4			5.4			7.8