Andersons, Inc. - FORM 10-K - EX-12

file	filename
10-K - FORM 10-K - Andersons, Inc.	l41353e10vk.htm
EX-21 - EX-21 - Andersons, Inc.	l41353exv21.htm
EX-23.1 - EX-23.1 - Andersons, Inc.	l41353exv23w1.htm
EX-23.2 - EX-23.2 - Andersons, Inc.	l41353exv23w2.htm
EX-31.3 - EX-31.3 - Andersons, Inc.	l41353exv31w3.htm
EX-31.2 - EX-31.2 - Andersons, Inc.	l41353exv31w2.htm
EX-31.1 - EX-31.1 - Andersons, Inc.	l41353exv31w1.htm
EX-32.1 - EX-32.1 - Andersons, Inc.	l41353exv32w1.htm
EXCEL - IDEA: XBRL DOCUMENT - Andersons, Inc.	Financial_Report.xls

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:


	Year ended December 31
	2010		2009		2008		2007		2006

Computation of earnings Pretax income (a)	$	78,136	$	44,033	$	42,530	$	72,642	$	46,279
Add:
Interest expense on indebtedness		19,865		20,688		31,239		19,048		16,299
Amortization of debt issue costs		3,841		1,866		1,215		82		122
Interest portion of rent expense(b)		8,738		9,976		9,657		8,636		7,528
Distributed income of equity investees		8,412		2,358		23,308		8,281		3,850

Earnings	$	118,992	$	78,921	$	107,949	$	108,689	$	74,078


Computation of fixed charges
Interest expense on indebtedness	$	19,865	$	20,688	$	31,239	$	19,048	$	16,299
Amortization of debt issue costs		3,841		1,866		1,215		82		122
Interest portion of rent expense (b)		8,738		9,976		9,657		8,636		7,528

Fixed charges	$	32,444	$	32,530	$	42,111	$	27,766	$	23,949

Ratio of earnings to fixed charges		3.67		2.43		2.56		3.91		3.09


(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.

Andersons, Inc. - FORM 10-K - EX-12 - March 1, 2011