TERRA INDUSTRIES INC - FORM 10-K - EX-12.1 - February 25, 2010

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10-K - FORM 10-K - TERRA INDUSTRIES INCc55843e10vk.htm
EX-31.2 - EX-31.2 - TERRA INDUSTRIES INCc55843exv31w2.htm
EX-23.1 - EX-23.1 - TERRA INDUSTRIES INCc55843exv23w1.htm
EX-32.2 - EX-32.2 - TERRA INDUSTRIES INCc55843exv32w2.htm
EX-21.1 - EX-21.1 - TERRA INDUSTRIES INCc55843exv21w1.htm
EX-32.1 - EX-32.1 - TERRA INDUSTRIES INCc55843exv32w1.htm
EX-31.1 - EX-31.1 - TERRA INDUSTRIES INCc55843exv31w1.htm
Exhibit 12.1
Terra Industries Inc.
Ratio of Earnings to Fixed Charges
                                         
    2005   2006   2007   2008   2009
     
 
Earnings
                                        
Earnings income from continuing operations
     31,618       4,729       220,757       632,772       151,515  
Income tax expense (benefit)
     20,544       9,590       127,316       239,851       74,299  
     
Earnings from continuing operations before income tax
     52,162       14,319       348,073       872,623       225,814  
 
                                        
Add:
                                        
Noncontrolling interest expense
     13,667       11,286       50,281       67,684       25,984  
Equity investee income
     (21,415 )     (17,013 )     (13,491 )     (151,815 )     (31,879 )
Fixed charges
     78,052       69,137       77,147       108,626       81,137  
Distributed income of equity investees
     46,375       35,875       29,450       72,760       35,825  
     
 
     116,679       99,285       143,387       97,255       111,067  
 
                                        
Subtract:
                                        
Preferred security and deferred dividends
     18,741       13,961       40,339       73,433       41,205  
 
                                        
     
TOTAL EARNINGS
     150,100       99,643       451,121       896,445       295,676  
     
 
                                        
Fixed charges:
                                        
Interest expense
     53,478       47,991       29,100       27,369       31,860  
Preference security dividends of Terra Nitrogen Company, L.P.
     13,607       8,861       35,239       69,557       41,149  
Preferred dividends
     5,134       5,100       5,100       3,876       56  
One third of rentals on operating leases
     5,833       7,185       7,708       7,824       8,072  
     
 
     78,052       69,137       77,147       108,626       81,137  
     
Ratio of earnings to fixed charges
     1.9       1.4       5.8       8.3       3.6