The Hershey Company (HSY) 10-Q 2005 Q2 Quarterly report

EXHIBIT 12

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

	For the Six Months Ended
	July 3, 2005		July 4, 2004
Earnings:
Income before income taxes	$	338,966	$	303,905
Add (deduct):
Interest on indebtedness		40,839		31,243
Portion of rents representative of the
interest factor (a)		4,003		4,614
Amortization of debt expense		223		223
Amortization of capitalized interest		1,570		1,813
Earnings as adjusted	$	385,601	$	341,798
Fixed Charges:
Interest on indebtedness	$	40,839	$	31,243
Portion of rents representative of the
interest factor (a)		4,003		4,614
Amortization of debt expense		223		223
Capitalized interest		--		2,400
Total fixed charges	$	45,065	$	38,480
Ratio of earnings to fixed charges		8.56		8.88

NOTE:

(a) Portion of rents representative of the interest factor consists of one-third of rental expense for operating leases.