EX-12 2 ex-12q32013.htm RATIO OF EARNINGS TO FIXED CHARGES EX-12 Q3 2013
Exhibit 12

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

(in thousands, except for ratio)
Nine Months Ended September 30,
 
2013
 
2012
Computation of earnings
 
 
 
  Pretax income (a)
$
57,999

 
$
82,714

  Add:
 
 
 
    Interest expense on indebtedness
16,607

 
16,192

    Amortization of debt issue costs
1,202

 
1,283

    Interest portion of rent expense (b)
5,871

 
5,028

    Distributed income of equity investees
17,490

 
24,353

  Earnings
$
99,169

 
$
129,570

 
 
 
 
Computation of fixed charges
 
 
 
  Interest expense on indebtedness
$
16,607

 
$
16,192

  Amortization of debt issue costs
1,202

 
1,283

  Interest portion of rent expense (b)
5,871

 
5,028

  Fixed charges
$
23,680

 
$
22,503

 
 
 
 
Ratio of earnings to fixed charges
4.19
 
5.76


(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.