Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

THE ANDERSONS, INC.

(Dollars in thousands)

	Three months ended March 31,
	2012		2011
Computation of earnings
Pretax income (a)	$	23,686	$	19,948
Add:
Interest expense on indebtedness		5,330		7,336
Amortization of debt issue costs		423		296
Interest portion of rent expense (b)		1,816		2,037
Distributed income of equity investees		12,885		8,618
Earnings	$	44,140	$	38,235
Computation of fixed charges
Interest expense on indebtedness	$	5,330	$	7,336
Amortization of debt issue costs		423		296
Interest portion of rent expense (b)		1,816		2,037
Fixed charges	$	7,569	$	9,669
Ratio of earnings to fixed charges		5.83		3.95

(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.