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Exhibit 12
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.
CF INDUSTRIES HOLDINGS, INC.
RATIO OF EARNINGS TO FIXED CHARGES