Exhibit 12

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

 
Nine months ended
September 30,
(in thousands, except for ratio)
2014
 
2013
Computation of earnings
 
 
 
  Pretax income (a)
$
67,884

 
$
57,999

  Add:
 
 
 
    Interest expense on indebtedness
16,401

 
16,607

    Amortization of debt issue costs
1,105

 
1,202

    Interest portion of rent expense (b)
5,691

 
5,871

    Distributed income of equity investees
96,953

 
17,490

  Earnings
$
188,034

 
$
99,169

 
 
 
 
Computation of fixed charges
 
 
 
  Interest expense on indebtedness
$
16,401

 
$
16,607

  Amortization of debt issue costs
1,105

 
1,202

  Interest portion of rent expense (b)
5,691

 
5,871

  Fixed charges
$
23,197

 
$
23,680

 
 
 
 
Ratio of earnings to fixed charges
8.11
 
4.19


(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.