Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

THE ANDERSONS, INC.

(Dollars in thousands)

	Nine months ended September 30,
	2011		2010
Computation of earnings
Pretax income (a)	$	85,430	$	47,733
Add:
Interest expense on indebtedness		20,609		13,923
Amortization of debt issue costs		825		1,640
Interest portion of rent expense (b)		5,950		6,656
Distributed income of equity investees		15,791		7,810
Earnings	$	128,605	$	77,762
Computation of fixed charges
Interest expense on indebtedness	$	20,609	$	13,923
Amortization of debt issue costs		825		1,640
Interest portion of rent expense (b)		5,950		6,656
Fixed charges	$	27,384	$	22,219
Ratio of earnings to fixed charges		4.70		3.50

(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.