The Andersons, Inc. (ANDE) 10-K 2017 FY Annual report

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

THE ANDERSONS, INC.

The following table sets forth our ratio of earnings to fixed charges for each of the periods indicated:

(in thousands, except for ratio)	Year Ended December 31,
	2017			2016		2015			2014		2013
Computation of earnings
Pretax income (loss) (a)	$	(37,248	)	$	11,660	$	(43,488	)	$	87,623	$	80,808
Add:
Interest expense on indebtedness	21,567			21,119		20,072			21,760		20,860
Amortization of debt issue costs	1,562			1,099		1,065			1,375		1,594
Interest portion of rent expense (b)	7,494			9,833		9,108			7,702		7,730
Distributed income of equity investees	6,070			24,451		31,117			125,058		17,780
Earnings	$	(555	)	$	68,162	$	17,874		$	243,518	$	128,772
Computation of fixed charges
Interest expense on indebtedness	$	21,567		$	21,119	$	21,119		$	21,760	$	20,860
Amortization of debt issue costs	1,562			1,099		1,099			1,375		1,594
Interest portion of rent expense (b)	7,494			9,833		9,108			7,730		7,730
Fixed charges	$	30,623		$	32,051	$	31,326		$	30,865	$	30,184
Ratio of earnings to fixed charges	(0.02		)	2.13		0.57			7.89		4.27

(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.