Pilgrim's Pride (PPC) 10-Q 2014 Q3 Quarterly report

EXHIBIT 12

PILGRIM'S PRIDE CORPORATION

COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES

	Thirty-Nine Weeks Ended
	September 28, 2014		September 29, 2013
	(In thousands)
Earnings:
Income before income taxes	$	829,367	$	430,259
Add: Total fixed charges (see below)	48,010		69,562
Less: Interest capitalized	1,264		455
Total earnings	$	876,113	$	499,366
Fixed charges:
Interest(a)	$	46,671	$	68,654
Portion of noncancelable lease expense representative of interest factor(b)	1,339		908
Total fixed charges	$	48,010	$	69,562
Ratio of earnings to fixed charges	18.25		7.18

(a)    Interest includes amortization of capitalized financing fees.

(b)    One-third of noncancellable lease expense is assumed to be representative of the interest factor.