Pilgrim's Pride (PPC) 10-K2013 FY Annual report

Filed: 21 Feb 14, 12:00am

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EXHIBIT 12
PILGRIM'S PRIDE CORPORATION
COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES

													Transition
	2013			2012			2011			2010			Period			2009
Earnings:
Income from continuing operations before
income taxes	$	573,940		$	153,062		$	(487,126	)	$	66,488		$	(68,446	)	$	(173,849	)
Add: Total fixed charges (see below)		88,660			113,011			126,111			132,905			48,899			181,094
Less: Interest capitalized		(586	)		(1,717	)		(3,424	)		(1,296	)		(1,082	)		(2,619	)
Total earnings		662,014			264,356			(364,439	)		198,097			(20,629	)		4,626
Fixed charges:
Interest^(a)		87,592			106,643			114,955			118,574			45,756			164,548
Portion of noncancelable lease expense
representative of interest factor^(b)		1,068			6,368			11,156			14,331			3,143			16,546
Total fixed charges		88,660			113,011			126,111			132,905			48,899			181,094

Ratio of earnings to fixed charges		7.47			2.34			(c)			1.49			(d)			(e)

(a)		Interest includes amortization of capitalized financing fees.
(b)		One-third of noncancelable lease expense is assumed to be representative of the interest factor.
(c)		Earnings were insufficient to cover fixed charges by $490.6 million.
(d)		Earnings were insufficient to cover fixed charges by $69.5 million.
(e)		Earnings were insufficient to cover fixed charges by $176.5 million.