EX-12 7 ex-12q42013.htm EX-12 EX-12 Q4 2013
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,
 
2013
 
2012
 
2011
 
2010
 
2009
Computation of earnings
 
 
 
 
 
 
 
 
 
  Pretax income (a)
$
80,808

 
$
103,646

 
$
106,428

 
$
78,136

 
$
44,033

  Add:
 
 
 
 
 
 
 
 
 
    Interest expense on indebtedness
20,860

 
22,155

 
25,256

 
19,865

 
20,688

    Amortization of debt issue costs
1,594

 
1,719

 
1,518

 
3,841

 
1,866

    Interest portion of rent expense (b)
7,730

 
6,740

 
7,845

 
8,738

 
9,976

    Distributed income of equity investees
17,780

 
24,353

 
17,831

 
8,412

 
2,358

  Earnings
$
128,772

 
$
158,613

 
$
158,878

 
$
118,992

 
$
78,921

 
 
 
 
 
 
 
 
 
 
Computation of fixed charges
 
 
 
 
 
 
 
 
 
  Interest expense on indebtedness
$
20,860

 
$
22,155

 
$
25,256

 
$
19,865

 
$
20,688

  Amortization of debt issue costs
1,594

 
1,719

 
1,518

 
3,841

 
1,866

  Interest portion of rent expense (b)
7,730

 
6,740

 
7,845

 
8,738

 
9,976

  Fixed charges
$
30,184

 
$
30,614

 
$
34,619

 
$
32,444

 
$
32,530

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
4.27
 
5.18

 
4.59
 
3.67
 
2.43

(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.