Exhibit 12

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

 
Three months ended
March 31,
(in thousands, except for ratio)
2015
 
2014
Computation of earnings
 
 
 
  Pretax income (a)
$
1,777

 
$
19,400

  Add:
 
 
 
    Interest expense on indebtedness
6,039

 
6,002

    Amortization of debt issue costs
270

 
565

    Interest portion of rent expense (b)
2,102

 
1,875

    Distributed income of equity investees
4,550

 
65,575

  Earnings
$
14,738

 
$
93,417

 
 
 
 
Computation of fixed charges
 
 
 
  Interest expense on indebtedness
$
6,039

 
$
6,002

  Amortization of debt issue costs
270

 
565

  Interest portion of rent expense (b)
2,102

 
1,875

  Fixed charges
$
8,411

 
$
8,442

 
 
 
 
Ratio of earnings to fixed charges
1.75
 
11.07


(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.