Exhibit 12

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

 
Nine months ended September 30,
(in thousands, except for ratio)
2018
 
2017
Computation of earnings
 
 
 
  Pretax income (a)
$
2,624

 
$
(27,723
)
  Add:
 
 
 
    Interest expense on indebtedness
20,000

 
17,472

    Amortization of debt issue costs
564

 
1,371

    Interest portion of rent expense (b)
5,259

 
5,728

    Distributed income of equity investees
2,149

 
5,801

  Earnings
$
30,596

 
$
2,649

 
 
 
 
Computation of fixed charges
 
 
 
    Interest expense on indebtedness
$
20,000

 
$
17,472

    Amortization of debt issue costs
564

 
1,371

    Interest portion of rent expense (b)
5,259

 
5,728

  Fixed charges
$
25,823

 
$
24,571

 
 
 
 
Ratio of earnings to fixed charges
1.18

 
0.11


(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.