Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THE ANDERSONS, INC.
(Dollars in thousands)
Nine months ended September 30, | ||||||||
| 2011 | 2010 | |||||||
Computation of earnings | ||||||||
Pretax income (a) | $ | 85,430 | $ | 47,733 | ||||
Add: | ||||||||
Interest expense on indebtedness | 20,609 | 13,923 | ||||||
Amortization of debt issue costs | 825 | 1,640 | ||||||
Interest portion of rent expense (b) | 5,950 | 6,656 | ||||||
Distributed income of equity investees | 15,791 | 7,810 | ||||||
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Earnings | $ | 128,605 | $ | 77,762 | ||||
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Computation of fixed charges | ||||||||
Interest expense on indebtedness | $ | 20,609 | $ | 13,923 | ||||
Amortization of debt issue costs | 825 | 1,640 | ||||||
Interest portion of rent expense (b) | 5,950 | 6,656 | ||||||
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Fixed charges | $ | 27,384 | $ | 22,219 | ||||
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Ratio of earnings to fixed charges | 4.70 | 3.50 | ||||||
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| (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. |