Archer-Daniels-Midland (ADM) 10-K 2012 FY Annual report

EXHIBIT 12

Calculation of Ratio of Earnings to Fixed Charges

Archer-Daniels-Midland Company

Expressed in Thousands

	2008			2009			2010			2011			2012
Earnings
Earnings Before Income Taxes	$	2,594,399		$	2,499,557		$	2,585,099		$	3,015,311		$	1,764,898
Less:  Equity in Earnings of
Affiliates, Net of Dividends		(284,316	)		55,367			(326,232	)		(396,755	)		(243,121	)
Less:  Capitalized Interest Included in Interest
Below		(52,110	)		(94,532	)		(75,060	)		(7,211	)		(20,869	)
Less:  Noncontrolling Interest		(6,103	)		(3,751	)		10,996			17,573			(18,387	)
Total Earnings		2,251,870			2,456,641			2,194,803			2,628,918			1,482,521
Fixed Charges
Interest Expense:
Consolidated Interest Expense		512,922			469,059			421,461			482,298			441,765
Capitalized Interest		52,110			94,532			75,060			7,211			20,869
Total Interest Expense		565,032			563,591			496,521			489,509			462,634
Amortization of Debt Discount (1)		3,250			3,832			3,805			4,282
One Third of Rental Expenses		67,106			72,289			80,682			83,764			69,648
Total Fixed Charges		635,388			639,712			581,008			577,555			532,282
Earnings Available for Fixed Charges	$	2,887,258		$	3,096,353		$	2,775,811		$	3,206,473		$	2,014,803
Ratio of Earnings to Fixed Charges		4.54			4.84			4.78			5.55			3.79

(1) Effective fiscal 2012, the Company reclassified amortization of debt discount to interest expense.