Exhibit 12.1
Terra Industries Inc. | Q3 YTD | Q3 YTD | ||||||||||||||||||||||||||
Ratio of earnings to fixed charges | 2004 | 2005 | 2006 | 2007 | 2008 | 2008 | 2009 | |||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||||
Earnings income from continuing operations | 65,714 | 31,618 | 4,729 | 220,757 | 632,772 | 468,691 | 155,587 | |||||||||||||||||||||
Income tax expense (benefit) | (6,249 | ) | 20,544 | 9,590 | 127,316 | 239,851 | 229,742 | 55,849 | ||||||||||||||||||||
Earnings from continuing operations before income tax | 59,465 | 52,162 | 14,319 | 348,073 | 872,623 | 698,433 | 211,436 | |||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||
Noncontrolling interest expense | 11,207 | 13,667 | 11,286 | 50,281 | 67,684 | 52,369 | 20,354 | |||||||||||||||||||||
Equity investee income | — | (21,415 | ) | (17,013 | ) | (13,491 | ) | (151,815 | ) | (134,651 | ) | (13,337 | ) | |||||||||||||||
Fixed charges | 67,068 | 78,052 | 69,137 | 77,147 | 108,626 | 86,719 | 59,889 | |||||||||||||||||||||
Distributed income of equity investees | — | 46,375 | 35,875 | 29,450 | 72,760 | 55,385 | 25,075 | |||||||||||||||||||||
78,275 | 116,679 | 99,285 | 143,387 | 97,255 | 59,822 | 91,981 | ||||||||||||||||||||||
Subtract: | ||||||||||||||||||||||||||||
Preferred security and deferred dividends | 9,101 | 18,741 | 13,961 | 40,339 | 73,433 | 60,467 | 33,682 | |||||||||||||||||||||
TOTAL EARNINGS | 128,639 | 150,100 | 99,643 | 451,121 | 896,445 | 697,788 | 269,735 | |||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | 53,134 | 53,478 | 47,991 | 29,100 | 27,369 | 20,587 | 20,247 | |||||||||||||||||||||
Preference security dividends of Terra Nitrogen Company, L.P. | 8,072 | 13,607 | 8,861 | 35,239 | 69,557 | 56,642 | 33,631 | |||||||||||||||||||||
Preferred dividends | 1,029 | 5,134 | 5,100 | 5,100 | 3,876 | 3,825 | 51 | |||||||||||||||||||||
One third of rentals on operating leases | 4,833 | 5,833 | 7,185 | 7,708 | 7,824 | 5,665 | 5,960 | |||||||||||||||||||||
67,068 | 78,052 | 69,137 | 77,147 | 108,626 | 86,719 | 59,889 | ||||||||||||||||||||||
Ratio of earnings to fixed charges | 1.9 | 1.9 | 1.4 | 5.8 | 8.3 | 8.0 | 4.5 | |||||||||||||||||||||