EX-12 2 ex-12q42014.htm EXHIBIT 12 EX-12 Q4 2014
Exhibit 12

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

The following table sets forth our ratio of earnings to fixed charges for each of the periods indicated:

(in thousands, except for ratio)
Year Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
Computation of earnings
 
 
 
 
 
 
 
 
 
  Pretax income (a)
$
87,623

 
$
80,808

 
$
103,646

 
$
106,428

 
$
78,136

  Add:
 
 
 
 
 
 
 
 
 
    Interest expense on indebtedness
21,760

 
20,860

 
22,155

 
25,256

 
19,865

    Amortization of debt issue costs
1,375

 
1,594

 
1,719

 
1,518

 
3,841

    Interest portion of rent expense (b)
7,702

 
7,730

 
6,740

 
7,845

 
8,738

    Distributed income of equity investees
125,058

 
17,780

 
24,353

 
17,831

 
8,412

  Earnings
$
243,518

 
$
128,772

 
$
158,613

 
$
158,878

 
$
118,992

 
 
 
 
 
 
 
 
 
 
Computation of fixed charges
 
 
 
 
 
 
 
 
 
  Interest expense on indebtedness
$
21,760

 
$
20,860

 
$
22,155

 
$
25,256

 
$
19,865

  Amortization of debt issue costs
1,375

 
1,594

 
1,719

 
1,518

 
3,841

  Interest portion of rent expense (b)
7,702

 
7,730

 
6,740

 
7,845

 
8,738

  Fixed charges
$
30,837

 
$
30,184

 
$
30,614

 
$
34,619

 
$
32,444

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
7.90
 
4.27

 
5.18
 
4.59
 
3.67

(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.