EX-12 2 ex-12q42012.htm EXHIBIT EX-12 Q4 2012
Exhibit 12

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

The following table sets forth our ratio of earnings to fixed charges for each of the periods indicated:

(in thousands, except for ratio)
Year Ended December 31,
 
2012
 
2011
 
2010
 
2009
 
2008
Computation of earnings
 
 
 
 
 
 
 
 
 
  Pretax income (a)
$
103,646

 
$
106,428

 
$
78,136

 
$
44,033

 
$
42,530

  Add:
 
 
 
 
 
 
 
 
 
    Interest expense on indebtedness
22,155

 
25,256

 
19,865

 
20,688

 
31,239

    Amortization of debt issue costs
1,719

 
1,518

 
3,841

 
1,866

 
1,215

    Interest portion of rent expense (b)
6,740

 
7,845

 
8,738

 
9,976

 
9,657

    Distributed income of equity investees
24,353

 
17,831

 
8,412

 
2,358

 
23,308

  Earnings
$
158,613

 
$
158,878

 
$
118,992

 
$
78,921

 
$
107,949

 
 
 
 
 
 
 
 
 
 
Computation of fixed charges
 
 
 
 
 
 
 
 
 
  Interest expense on indebtedness
$
22,155

 
$
25,256

 
$
19,865

 
$
20,688

 
$
31,239

  Amortization of debt issue costs
1,719

 
1,518

 
3,841

 
1,866

 
1,215

  Interest portion of rent expense (b)
6,740

 
7,845

 
8,738

 
9,976

 
9,657

  Fixed charges
$
30,614

 
$
34,619

 
$
32,444

 
$
32,530

 
$
42,111

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
5.18
 
4.59

 
3.67
 
2.43
 
2.56

(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.