Exhibit 12.1
CF INDUSTRIES HOLDINGS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
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| Year ended December 31, |
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(Dollars in millions) |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Earnings before income taxes and equity in earnings of non-operating affiliates |
| $ | 2,829.5 |
| $ | 2,645.6 |
| $ | 687.7 |
| $ | 695.6 |
| $ | 1,175.4 |
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Less: equity in earnings of operating affiliates |
| (47.0 | ) | (50.2 | ) | (10.6 | ) | — |
| — |
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Earnings from continuing operations before equity in earnings of operating affiliates |
| $ | 2,782.5 |
| $ | 2,595.4 |
| $ | 677.1 |
| $ | 695.6 |
| $ | 1,175.4 |
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Plus: |
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Fixed charges |
| 232.3 |
| 229.7 |
| 260.3 |
| 6.7 |
| 6.9 |
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Distributed income of equity investees |
| 109.8 |
| 130.2 |
| 2.2 |
| — |
| — |
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Amortization of capitalized interest |
| 4.1 |
| 3.9 |
| 3.8 |
| 3.3 |
| 3.6 |
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Less: preference security dividends of Terra Nitrogen Company, L.P. |
| (77.8 | ) | (64.1 | ) | (23.1 | ) | — |
| — |
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Capitalized interest |
| (9.3 | ) | (7.9 | ) | (7.6 | ) | — |
| — |
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Earnings for fixed charge coverage ratio calculation |
| $ | 3,041.6 |
| $ | 2,887.2 |
| $ | 912.7 |
| $ | 705.6 |
| $ | 1,185.9 |
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Fixed charges |
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Interest expensed (a) |
| $ | 135.3 |
| $ | 147.2 |
| $ | 221.3 |
| $ | 1.5 |
| $ | 1.6 |
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Capitalized interest |
| 9.3 |
| 7.9 |
| 7.6 |
| — |
| — |
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Estimated interest in rent expense (b) |
| 9.9 |
| 10.5 |
| 8.3 |
| 5.2 |
| 5.3 |
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Preference security dividends of Terra Nitrogen Company, L.P. |
| 77.8 |
| 64.1 |
| 23.1 |
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| — |
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| $ | 232.3 |
| $ | 229.7 |
| $ | 260.3 |
| $ | 6.7 |
| $ | 6.9 |
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Ratio of earnings to fixed charges |
| 13.1 | x | 12.6 | x | 3.5 | x | 105.3 | x | 171.9 | x | |||||
(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.
