EX-12 2 ex-12q32012.htm EXHIBIT 12 EX-12 Q3 2012
Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THE ANDERSONS, INC.

(in thousands, except for ratio)
Nine Months Ended September 30,
 
2012
 
2011
Computation of earnings
 
 
 
  Pretax income (a)
$
82,714

 
$
85,430

  Add:
 
 
 
    Interest expense on indebtedness
16,192

 
20,609

    Amortization of debt issue costs
1,283

 
825

    Interest portion of rent expense (b)
5,028

 
5,950

    Distributed income of equity investees
24,353

 
15,791

  Earnings
$
129,570

 
$
128,605

 
 
 
 
Computation of fixed charges
 
 
 
  Interest expense on indebtedness
$
16,192

 
$
20,609

  Amortization of debt issue costs
1,283

 
825

  Interest portion of rent expense (b)
5,028

 
5,950

  Fixed charges
$
22,503

 
$
27,384

 
 
 
 
Ratio of earnings to fixed charges
5.76
 
4.70


(a) Pretax income as presented is income from continuing operations before adjustment for income or loss from equity investees.
(b) The portion of rent expense on operating leases included in the calculation of the fixed charges ratio above is a reasonable approximation of the interest factor on those agreements.