Exhibit 12

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

(in thousands, except for ratio)
Six Months Ended June 30,
 
2012
 
2011
Computation of earnings
 
 
 
  Pretax income (a)
$
64,417

 
$
79,446

  Add:
 
 
 
    Interest expense on indebtedness
10,710

 
14,898

    Amortization of debt issue costs
847

 
561

    Interest portion of rent expense (b)
3,547

 
4,009

    Distributed income of equity investees
18,830

 
15,291

  Earnings
$
98,351

 
$
114,205

 
 
 
 
Computation of fixed charges
 
 
 
  Interest expense on indebtedness
$
10,710

 
$
14,898

  Amortization of debt issue costs
847

 
561

  Interest portion of rent expense (b)
3,547

 
4,009

  Fixed charges
$
15,104

 
$
19,468

 
 
 
 
Ratio of earnings to fixed charges
6.51
 
5.87


(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.