EX-12 2 a2212938zex-12.htm EX-12
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Exhibit 12


CF INDUSTRIES HOLDINGS, INC.

RATIO OF EARNINGS TO FIXED CHARGES

 
   Year ended December 31,  
(Dollars in millions)
  2012   2011   2010   2009   2008  

Pretax earnings from continuing operations

   $ 2,829.5   $ 2,645.6   $ 687.7   $ 695.6   $ 1,175.4  

Plus:

                                

Fixed charges

     232.3     229.7     260.3     6.7     6.9  

Distributed income of equity investees

     109.8     130.2     2.2     —     —  

Amortization of capitalized interest

     4.1     3.9     3.8     3.3     3.6  

Less: preference security dividends of Terra Nitrogen

                                

Company, L.P. 

     (77.8 )   (64.1 )   (23.1 )   —     —  

Capitalized interest

     (9.3 )   (7.9 )   (7.6 )   —     —  
                       

Earnings for fixed charge coverage ratio calculation

   $ 3,088.6   $ 2,937.4   $ 923.3   $ 705.6   $ 1,185.9  
                       

Fixed charges

                                

Interest expensed(a)

   $ 135.3   $ 147.2   $ 221.3   $ 1.5   $ 1.6  

Capitalized interest

     9.3     7.9     7.6     —     —  

Estimated interest in rent expense(b)

     9.9     10.5     8.3     5.2     5.3  

Preference security dividends of Terra Nitrogen

                                

Company, L.P. 

     77.8     64.1     23.1     —     —  
                       

  $ 232.3   $ 229.7   $ 260.3   $ 6.7   $ 6.9  
                       

Ratio of earnings to fixed charges

    
13.3x		    
12.8x		    
3.5x		    
105.3x		    
171.9x		  
(a)
Including amortized premiums, discounts, and capitalized expenses related to indebtedness.

(b)
Assumes that the interest component is 11% of total rent expense in 2012, 13% in 2011 and 2010 and 14% in all prior years.



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CF INDUSTRIES HOLDINGS, INC.
RATIO OF EARNINGS TO FIXED CHARGES