EX-12 2 ex-12q22013.htm RATIO OF EARNINGS TO FIXED CHARGES EX-12 Q2 2013
Exhibit 12

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

(in thousands, except for ratio)
Six Months Ended June 30,
 
2013
 
2012
Computation of earnings
 
 
 
  Pretax income (a)
$
51,789

 
$
64,417

  Add:
 
 
 
    Interest expense on indebtedness
11,259

 
10,710

    Amortization of debt issue costs
810

 
847

    Interest portion of rent expense (b)
3,955

 
3,547

    Distributed income of equity investees
13,480

 
18,830

  Earnings
$
81,293

 
$
98,351

 
 
 
 
Computation of fixed charges
 
 
 
  Interest expense on indebtedness
$
11,259

 
$
10,710

  Amortization of debt issue costs
810

 
847

  Interest portion of rent expense (b)
3,955

 
3,547

  Fixed charges
$
16,024

 
$
15,104

 
 
 
 
Ratio of earnings to fixed charges
5.07
 
6.51


(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.