Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THE ANDERSONS, INC.
(Dollars in thousands)
THE ANDERSONS, INC.
(Dollars in thousands)
| Six months ended | ||||||||
| June 30, | ||||||||
| 2011 | 2010 | |||||||
| Computation of earnings | ||||||||
| Pretax income (a) | $ | 79,446 | $ | 45,831 | ||||
| Add: | ||||||||
| Interest expense on indebtedness | 14,898 | 9,298 | ||||||
| Amortization of debt issue costs | 561 | 1,097 | ||||||
| Interest portion of rent expense (b) | 4,009 | 4,541 | ||||||
| Distributed income of equity investees | 15,291 | 5,833 | ||||||
| Earnings | $ | 114,205 | $ | 66,600 | ||||
| Computation of fixed charges | ||||||||
| Interest expense on indebtedness | $ | 14,898 | $ | 9,298 | ||||
| Amortization of debt issue costs | 561 | 1,097 | ||||||
| Interest portion of rent expense (b) | 4,009 | 4,541 | ||||||
| Fixed charges | $ | 19,468 | $ | 14,936 | ||||
| Ratio of earnings to fixed charges | 5.87 | 4.46 | ||||||
| (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. |
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