The Hershey Company (HSY) 10-Q 2004 Q3 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 Nine Months Ended
	October 3, 2004		September 28, 2003
Earnings:
Income before income taxes	$	567,057	$	504,283
Add (deduct):
Interest on indebtedness		49,729		48,912
Portion of rents representative of the
interest factor (a)		7,240		10,113
Amortization of debt expense		335		335
Amortization of capitalized interest		2,685		2,901
Earnings as adjusted	$	627,046	$	566,544
Fixed Charges:
Interest on indebtedness	$	49,729	$	48,912
Portion of rents representative of the
interest factor (a)		7,240		10,113
Amortization of debt expense		335		335
Capitalized interest		2,597		1,156
Total fixed charges	$	59,901	$	60,516
Ratio of earnings to fixed charges		10.47		9.36

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.