EX-12 3 l03648aexv12.txt EX-12 COMPUTATION TABLE . . . Exhibit 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES THE ANDERSONS, INC.
(In thousands, except for ratio) Six Months Ended June 30 Year ended December 31 2003 2002 2002 2001 ---------------------------------------- ----------------------------------------- Computation of earnings Income before income taxes (a) $ 11,086 $ 12,943 $ 16,002 $ 11,931 Add: Interest expense on indebtedness 4,516 5,286 9,812 11,570 Interest portion of rent expense 1,837 1,747 3,627 3,587 ---------------------------------------- ----------------------------------------- Earnings $ 17,439 $ 19,976 $ 29,441 $ 27,088 ======================================== ========================================= Computation of fixed charges Interest expense on indebtedness $ 4,516 $ 5,286 $ 9,812 $ 11,570 Interest portion of rent expense 1,837 1,747 3,627 3,587 ---------------------------------------- ----------------------------------------- fixed charges $ 6,353 $ 7,033 $ 13,439 $ 15,157 ======================================== ========================================= Ratio of earnings to fixed charges 2.75 2.84 2.19 1.79 ======================================== ========================================= (In thousands, except for ratio) Year ended December 31 2000 1999 1998 ----------------------------------------------------- Computation of earnings Income before income taxes (a) $ 14,364 $ 11,959 $ 13,006 Add: Interest expense on indebtedness 11,829 9,517 8,954 Interest portion of rent expense 3,620 3,654 4,468 ----------------------------------------------------- Earnings $ 29,813 $ 25,130 $ 26,428 ===================================================== Computation of fixed charges Interest expense on indebtedness $ 11,829 $ 9,517 $ 8,954 Interest portion of rent expense 3,620 3,654 4,468 ----------------------------------------------------- fixed charges $ 15,449 $ 13,171 $ 13,422 ===================================================== Ratio of earnings to fixed charges 1.93 1.91 1.97 =====================================================
(a) Income before income taxes for the year ended 2002 and six months ended June 30, 2002 has been restated to reflect the adoption of EITF Topic D-96 "Accounting for Mangaement Feed Based on a Formula." See the Company's 2002 Annual Report on Form 10-K/A for further discussion.