A fertilizer label can be confusing to the most veteran turf or nursery manager. It is important though that you know what you’re buying since the analysis is just the starting point when considering what you are buying. Some points to consider are the sources of nutrients, percentage of slow release, minor elements and sizing. While most professionals have a great basic knowledge of the label it’s just the beginning of understanding fertilizers and plant nutrition.
Here is an article at the University of Florida's web site to help you get the basics of fertilizer: http://edis.ifas.ufl.edu/ss170
Please note that this article covers fertilizer labels in the state of Florida.