EX-12 3 l27847aexv12.htm EX-12 EX-12
 

Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THE ANDERSONS, INC.
                                                         
(In thousands, except for ratio)   Six Months Ended June 30     Year ended December 31  
    2007     2006     2006     2005     2004     2003     2002  
Computation of earnings
                                                        
Pretax income (a)
   $ 46,266     $ 16,481     $ 46,279     $ 36,991     $ 28,632     $ 17,618     $ 15,989  
Add:
                                                        
Interest expense on indebtedness
     9,212       8,695       16,299       12,079       10,545       8,048       9,812  
Amortization of debt issue costs
     42       62       122       219       252       259       134  
Interest portion of rent expense
     4,301       3,706       7,528       6,819       5,769       3,622       3,627  
Distributed income of equity investees
     6,304       3,091       3,850       1,826       607       71       —  
     
Earnings
   $ 66,125     $ 32,035     $ 74,078     $ 57,934     $ 45,805     $ 29,618     $ 29,562  
     
Computation of fixed charges
                                                        
Interest expense on indebtedness
   $ 9,212     $ 8,695     $ 16,299     $ 12,079     $ 10,545     $ 8,048     $ 9,812  
Amortization of debt issue costs
   $ 42     $ 62     $ 122     $ 219     $ 252     $ 259     $ 134  
Interest portion of rent expense
     4,301       3,706       7,528       6,819       5,769       3,622       3,627  
     
fixed charges
   $ 13,555     $ 12,463     $ 23,949     $ 19,117     $ 16,566     $ 11,929     $ 13,573  
     
Ratio of earnings to fixed charges
     4.88       2.57       3.09       3.03       2.77       2.48       2.18  
     
 
(a)   Pretax income as presented is income from continuing operations before adjustment for minority interests in consolidated subsidiaries and income or loss from equity investees.