EX-12 3 ex-12q32015.htm EXHIBIT 12 Exhibit
Exhibit 12

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

 
Nine months ended
September 30,
(in thousands, except for ratio)
2015
 
2014
Computation of earnings
 
 
 
  Pretax income (a)
$
29,655

 
$
67,884

  Add:
 
 
 
    Interest expense on indebtedness
16,210

 
16,401

    Amortization of debt issue costs
801

 
1,105

    Interest portion of rent expense (b)
6,619

 
5,691

    Distributed income of equity investees
19,325

 
96,953

  Earnings
$
72,610

 
$
188,034

 
 
 
 
Computation of fixed charges
 
 
 
  Interest expense on indebtedness
$
16,210

 
$
16,401

  Amortization of debt issue costs
801

 
1,105

  Interest portion of rent expense (b)
6,619

 
5,691

  Fixed charges
$
23,630

 
$
23,197

 
 
 
 
Ratio of earnings to fixed charges
3.07
 
8.11


(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.