Archer-Daniels-Midland (ADM) 10-Q 2016 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		Year Ended		Ended
	30-Jun				31-Dec		31-Dec		31-Dec		31-Dec		30-Jun
	2011		2012		2012		2013		2014		2015		2016
Earnings
Earnings Before Income Taxes	$	3,015,311	$	1,764,898	$	997,275	$	2,023,341	$	3,129,966	$	2,284,045	$	713,030
Less: Equity in Earnings of
Unconsolidated Affiliates, Net of
Dividends	(396,755)		(243,121)		(200,833)		(285,263)		(214,979)		(49,693)		(30,001)
Less: Capitalized Interest
Included in Interest Expense Below	(7,211)		(20,869)		(11,548)		(16,434)		(17,863)		(10,761)		(9,050)
Less: Noncontrolling Interest	17,573		(18,387)		(2,184)		(11,868)		(4,553)		3,089		(4,711)
Total Earnings	2,628,918		1,482,521		782,710		1,709,776		2,892,571		2,226,680		669,268
Fixed Charges
Interest Expenses:
Consolidated Interest Expense	482,298		441,765		212,527		412,810		336,633		307,941		135,586
Capitalized Interest	7,211		20,869		11,548		16,434		17,863		10,761		9,050
Total Interest Expense	489,509		462,634		224,075		429,244		354,496		318,702		144,636
Amortization of Debt Discount(1)	4,282		0
One Third of Rental Expenses	83,764		69,648		35,295		66,311		64,681		77,202		41,171
Total Fixed Charges	577,555		532,282		259,370		495,555		419,177		395,904		185,807
Earnings Available for Fixed Charges	$	3,206,473	$	2,014,803	$	1,042,080	$	2,205,331	$	3,311,748	$	2,622,584	$	855,075
Ratio of Earnings to Fixed Charges	5.55		3.79		4.02		4.45		7.90		6.62		4.60

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