EXHIBIT 12
CHIQUITA BRANDS INTERNATIONAL, INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(In thousands, except ratio amounts)
Year Ended December 31,
1996 1995 1994 1993 1992
Earnings
Income (loss) from
continuing operations
before income taxes $(16,728) $41,869 $(70,811 ) $(39,081) $(216,708)
Interest expense 130,232 163,513 167,464 169,789 155,036
Portion of rentals
representing interest cost 32,268 43,464 45,097 58,499 85,810
Amortization of capitalized
interest 3,930 4,158 4,043 3,745 3,010
Undistributed share of income
of less-than-fifty percent
owned investees (274) (2,963) (4,110 ) (1,429) (3,588)
--------- --------- --------- --------- ---------
$149,428 $250,041 $141,683 $191,523 $23,560
========= ========= ========= ========= =========
Fixed Charges:
Interest expense $130,232 $163,513 $167,464 $169,789 $155,036
Capitalized interest 1,000 700 3,900 8,000 21,400
Portion of rentals
representing interest cost 32,268 43,464 45,097 58,499 85,810
--------- --------- --------- --------- ---------
$163,500 $207,677 $216,461 $236,288 $262,246
========= ========= ========= ========= =========
Ratio of earnings to
fixed charges (a) 1.20 (a) (a) (a)
========
Earnings $149,428 $250,041 $141,683 $191,523 $23,560
========= ========= ========= ========= =========
Fixed charges $163,500 $207,677 $216,461 $236,288 $262,246
Preferred stock dividends 11,405 8,266 10,961 4,278 778
--------- --------- --------- --------- ---------
$174,905 $215,943 $227,422 $240,566 $263,024
========= ========= ========= ========= =========
Ratio of earnings to
combined fixed charges
and preferred stock
dividends (b) 1.16 (b) (b) (b)
========
- ------------------------
(a) Fixed charges exceeded earnings by $14,072 in 1996, $74,778 in 1994, $44,765
in 1993 and $238,686 in 1992.
(b) Combined fixed charges and preferred stock dividends exceeded earnings by
$25,477 in 1996, $85,739 in 1994, $49,043 in 1993 and $239,464 in 1992.