Archer-Daniels-Midland (ADM) 10-Q 2015 Q2 Quarterly report

Exhibit 12

Calculation of Ratio of Earnings to Fixed Charges

Archer Daniels Midland Company

Expressed in Thousands

							Six Months						Six Months
	Fiscal Years Ended						Ended		Year Ended		Year Ended		Ended
	30-Jun						31-Dec		31-Dec		31-Dec		30-Jun
	2010		2011		2012		2012		2013		2014		2015
Earnings
Earnings Before Income Taxes	$	2,585,099	$	3,015,311	$	1,764,898	$	997,275	$	2,023,341	$	3,129,966	$	1,215,606
Less: Equity in Earnings of
Unconsolidated Affiliates, Net of
Dividends	(326,232)		(396,755)		(243,121)		(200,833)		(285,263)		(214,979)		(69,028)
Less: Capitalized Interest
Included in Interest Expense Below	(75,060)		(7,211)		(20,869)		(11,548)		(16,434)		(17,863)		(5,404)
Less: Noncontrolling Interest	10,996		17,573		(18,387)		(2,184)		(11,868)		(4,553)		3,251
Total Earnings	2,194,803		2,628,918		1,482,521		782,710		1,709,776		2,892,571		1,144,425
Fixed Charges
Interest Expenses:
Consolidated Interest Expense	421,461		482,298		441,765		212,527		412,810		336,633		166,464
Capitalized Interest	75,060		7,211		20,869		11,548		16,434		17,863		5,404
Total Interest Expense	496,521		489,509		462,634		224,075		429,244		354,496		171,868
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		37,052
Total Fixed Charges	581,008		577,555		532,282		259,370		495,555		419,177		208,920
Earnings Available for Fixed Charges	$	2,775,811	$	3,206,473	$	2,014,803	$	1,042,080	$	2,205,331	$	3,311,748	$	1,353,345
Ratio of Earnings to Fixed Charges	4.78		5.55		3.79		4.02		4.45		7.90		6.48

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