Pilgrim's Pride (PPC) 10-Q 2018 Q3 Quarterly report

EXHIBIT 12

PILGRIM'S PRIDE CORPORATION

COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES

	Thirty-Nine Weeks Ended
	September 30, 2018		September 24, 2017
	(In thousands)
Earnings:
Income before income taxes	$	361,398	$	862,288
Add: Total fixed charges (see below)	146,484		81,091
Less: Interest capitalized	3,500		5,345
Total earnings	$	504,382	$	938,034
Fixed charges:
Interest(a)	$	129,401	$	71,660
Portion of noncancelable lease expense representative of interest factor(b)	17,083		9,431
Total fixed charges	$	146,484	$	81,091
Ratio of earnings to fixed charges	3.44		11.57

(a)    Interest includes amortization of capitalized financing fees.

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