EXHIBIT 12
CHIQUITA BRANDS INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(In thousands, except ratio amounts)
Year Ended December 31,
1995 1994 1993 1992 1991
-------- -------- -------- -------- --------
Earnings:
Income (loss) from continuing operations
before income taxes $41,869 $(70,811) $(39,081)$(216,708) $160,009
Interest expense 163,513 167,464 169,789 155,036 88,406
Portion of rentals representing interest cost 43,464 45,097 58,499 85,810 74,070
Amortization of capitalized interest 4,158 4,043 3,745 3,010 1,900
Undistributed share of income of less-than-
fifty percent owned investees (2,963) (4,110) (1,429) (3,588) (4,352)
-------- -------- -------- -------- --------
$250,041 $141,683 $191,523 $23,560 $320,033
======== ======== ======== ======== ========
Fixed Charges:
Interest expense $163,513 $167,464 $169,789 $155,036 $88,406
Capitalized interest 700 3,900 8,000 21,400 23,000
Portion of rentals representing interest cost 43,464 45,097 58,499 85,810 74,070
-------- -------- -------- -------- --------
$207,677 $216,461 $236,288 $262,246 $185,476
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 1.20 (a) (a) (a) 1.73
======== ========
Earnings $250,041 $141,683 $191,523 $23,560 $320,033
======== ======== ======== ======== ========
Fixed charges $207,677 $216,461 $236,288 $262,246 $185,476
Preferred stock dividends 8,266 10,961 4,278 778 --
-------- -------- -------- -------- --------
$215,943 $227,422 $240,566 $263,024 $185,476
======== ======== ======== ======== ========
Ratio of earnings to combined fixed
charges and preferred stock dividends 1.16 (b) (b) (b) 1.73
======== ========
(a) Fixed charges exceeded earnings by $74,778 in 1994, $44,765 in 1993 and
$238,686 in 1992.
(b) Combined fixed charges and preferred stock dividends exceeded earnings by
$85,739 in 1994, $49,043 in 1993 and $239,464 in 1992.