EX-12 2 ex-12q12013.htm EXHIBIT EX-12 Q1 2013
Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THE ANDERSONS, INC.

(in thousands, except for ratio)
March 31,
 
2013
 
2012
Computation of earnings
 
 
 
  Pretax income (a)
$
13,587

 
$
23,686

  Add:
 
 
 
    Interest expense on indebtedness
6,404

 
5,330

    Amortization of debt issue costs
407

 
423

    Interest portion of rent expense (b)
1,958

 
1,816

    Distributed income of equity investees
8,332

 
12,885

  Earnings
$
30,688

 
$
44,140

 
 
 
 
Computation of fixed charges
 
 
 
  Interest expense on indebtedness
$
6,404

 
$
5,330

  Amortization of debt issue costs
407

 
423

  Interest portion of rent expense (b)
1,958

 
1,816

  Fixed charges
$
8,769

 
$
7,569

 
 
 
 
Ratio of earnings to fixed charges
3.50
 
5.83


(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.