Potash Corporation of Saskatchewan (POT) 10-K 2012 FY Annual report

Exhibit 12

Potash Corporation of Saskatchewan Inc.

Ratio of Earnings to Fixed Charges

(in millions of US dollars, except ratio amounts)

(unaudited)

	Year ended December 31
	2012			2011			2010			2009(1)			2008(1)
Net income	$	2,079		$	3,081		$	1,775		$	981		$	3,466
Income taxes		826			1,066			701			79			1,060
Share of earnings of equity investees		(278	)		(261	)		(174	)		(134	)		(256	)
Fixed charges		272			300			285			256			187
Amortization of capitalized interest		18			14			8			—			—
Distributed income of equity investees		211			128			79			131			89
Interest capitalized		(102	)		(84	)		(107	)		(68	)		(43	)
Total Earnings Available for Fixed Charges	$	3,026		$	4,244		$	2,567		$	1,245		$	4,503
Fixed Charges
Interest expensed and capitalized	$	244		$	273		$	259		$	227		$	161
Amortization of debt issue costs		5			5			5			3			2
Estimated portion of rent expense representing interest		23			22			21			26			24
Total Fixed Charges	$	272		$	300		$	285		$	256		$	187
Ratio of Earnings to Fixed Charges		11.13			14.15			9.01			4.86			24.08

⁽¹⁾  As the company adopted IFRS with effect from January 1, 2010, our 2008 and 2009 information is presented on a previous Canadian GAAP basis. Accordingly, information for prior years may not be comparable to 2010, 2011 and 2012.