Archer-Daniels-Midland (ADM) 10-K 2014 FY Annual report

Exhibit 12

Calculation of Ratio of Earnings to Fixed Charges

Archer Daniels Midland Company

Expressed in Thousands

	Year Ended June 30						Six Months Ended December 31		Years Ended December 31
	2010		2011		2012		2012		2013		2014
Earnings
Earnings Before Income Taxes	$	2,585,099	$	3,015,311		$1,764,898	$	997,275	$	2,023,341	$	3,129,966
Less: Equity in Earnings of
Unconsolidated Affiliates, Net of
Dividends	(326,232)		(396,755)		(243,121)		(200,833)		(285,263)		(214,979)
Less: Capitalized Interest
Included in Interest Expense Below	(75,060)		(7,211)		(20,869)		(11,548)		(16,434)		(17,863)
Less: Noncontrolling Interest	10,996		17,573		(18,387)		(2,184)		(11,868)		(4,553)
Total Earnings	2,194,803		2,628,918		1,482,521		782,710		1,709,776		2,892,571
Fixed Charges
Interest Expenses:
Consolidated Interest Expense	421,461		482,298		441,765		212,527		412,810		336,633
Capitalized Interest	75,060		7,211		20,869		11,548		16,434		17,863
Total Interest Expense	496,521		489,509		462,634		224,075		429,244		354,496
Amortization of Debt Discount(1)	3,805		4,282
One Third of Rental Expenses	80,682		83,764		69,648		35,295		66,311		64,681
Total Fixed Charges	581,008		577,555		532,282		259,370		495,555		419,177
Earnings Available for Fixed Charges	$	2,775,811	$	3,206,473		$2,014,803		$1,042,080	$	2,205,331	$	3,311,748
Ratio of Earnings to Fixed Charges	4.78		5.55		3.79		4.02		4.45		7.90

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