Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

THE ANDERSONS, INC.

(in thousands, except for ratio)	Three Months Ended March 31,				Year ended December 31,
	2012		2011		2011		2010		2009		2008		2007
Computation of earnings
Pretax income (a)	$	23,686	$	19,948	$	106,428	$	78,136	$	44,033	$	42,530	$	72,642
Add:
Interest expense on indebtedness	5,330		7,336		25,256		19,865		20,688		31,239		19,048
Amortization of debt issue costs	423		296		1,518		3,841		1,866		1,215		82
Interest portion of rent expense (b)	1,816		2,037		7,845		8,738		9,976		9,657		8,636
Distributed income of equity investees	12,885		8,618		17,831		8,412		2,358		23,308		8,281
Earnings	$	44,140	$	38,235	$	158,878	$	118,992	$	78,921	$	107,949	$	108,689
Computation of fixed charges
Interest expense on indebtedness	$	5,330	$	7,336	$	25,256	$	19,865	$	20,688	$	31,239	$	19,048
Amortization of debt issue costs	423		296		1,518		3,841		1,866		1,215		82
Interest portion of rent expense (b)	1,816		2,037		7,845		8,738		9,976		9,657		8,636
Fixed charges	$	7,569	$	9,669	$	34,619	$	32,444	$	32,530	$	42,111	$	27,766
Ratio of earnings to fixed charges	5.83		3.95		4.59		3.67		2.43		2.56		3.91

(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.