Exhibit 12
STEWART ENTERPRISES, INC.
AND SUBSIDIARIES
Calculation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
(Unaudited)
Years Ended October 31,
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2000 1999 1998 1997 1996
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Earnings from operations
before income taxes ............................ $ 105,187 $ 142,551(1) $ 64,964(2) $ 106,477(3) $ 82,075
Fixed charges:
Interest charges ............................... 62,748 55,543 44,107 38,031 26,051
Interest portion of lease expense .............. 3,379 2,859 2,814 2,181 1,522
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Total fixed charges .............................. 66,127 58,402 46,921 40,212 27,573
Earnings from operations before income taxes
and fixed charges, less capitalized interest.... $ 169,960 $ 200,118(1) $ 111,599(2) $ 146,689(3) $ 109,648
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Ratio of earnings to fixed charges ............... 2.57 3.43(1) 2.38(2) 3.65(3) 3.98
========= ========= ========= ========= =========
(1) | Excludes cumulative effect of change in accounting principle of $50,101 (net of $28,798 income tax benefit). |
| (2) | Includes a nonrecurring, noncash charge of $76,762 recorded in connection with the vesting of the Company's performance-based stock options. Excluding the charge, the Company's ratio of earnings to fixed charges for fiscal year 1998 would have been 4.01. |
| (3) | Excludes cumulative effect of change in accounting principles of $2,324 (net of $2,230 income tax benefit). |
During the periods presented, the Company had no preferred stock outstanding. Therefore, the ratio of earnings to combined fixed charges and preference dividends was the same as the ratio of earnings to fixed charges for each of the periods presented.