The Hershey Company (HSY) 10-Q 2004 Q2 Quarterly report

EXHIBIT 12

HERSHEY FOODS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands of dollars except for ratios)
(Unaudited)

	For the Six Months Ended
	July 4, 2004		June 29, 2003
Earnings:
Income before income taxes	$	303,905	$	267,048
Add (deduct):
Interest on indebtedness		31,243		31,551
Portion of rents representative of the
interest factor (a)		4,614		7,707
Amortization of debt expense		223		223
Amortization of capitalized interest		1,813		1,938
Earnings as adjusted	$	341,798	$	308,467
Fixed Charges:
Interest on indebtedness	$	31,243	$	31,551
Portion of rents representative of the
interest factor (a)		4,614		7,707
Amortization of debt expense		223		223
Capitalized interest		2,400		776
Total fixed charges	$	38,480	$	40,257
Ratio of earnings to fixed charges		8.88		7.66

NOTE:

(a) Portion of rents representative of the interest factor consists of all rental expense pertaining to operating leases used to finance the purchase or construction of warehouse and distribution facilities, and one-third of rental expense for other operating leases.