EXHIBIT 12 NINE WEST GROUP INC. AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges (in thousands) Thirteen Weeks Ended Year Ended -------------------- ---------------------------------------------------- May 2 May 3 Jan. 31 Feb. 1 Feb. 3 Dec. 31 Dec. 31 1998 1997 1998 1997 1996 1994 1993 ------- -------- -------- -------- ------- -------- ------- Earnings: - --------- Income before provision for income taxes per statement of income........ $11,940 $28,792 $128,084 $139,406(A) $33,634(B) $106,809 $79,453 Add: Portion of rents representative of the interest factor........... 11,724 6,961 40,233 26,887 19,965 9,099 6,633 Interest on indebtedness.. 14,495 11,882 53,241 40,629 29,761 2,343 3,323 Amortization of debt expense and premium....... 734 532 2,581 2,348 1,054 - - ------- ------- -------- -------- ------- -------- ------- Income as adjusted........ $38,893 $48,167 $224,139 $209,270(A) $84,414(B) $118,251 $89,409 ======= ======= ======== ======== ======= ======== ======= Fixed Charges: - -------------- Portion of rents representative of the interest factor........... $11,724 $ 6,961 $ 40,233 $ 26,887 $19,965 $ 9,099 $ 6,633 Interest on indebtedness.. 14,495 11,882 53,241 40,629 29,761 2,343 3,323 Amortization of debt expense and premium....... 734 532 2,581 2,348 1,054 - - ------- ------- -------- -------- ------- -------- ------- Fixed charges............. $26,953 $19,375 $ 96,055 $ 69,864 $50,780 $ 11,442 $ 9,956 ======= ======= ======== ======== ======= ======== ======= Ratio of earnings to fixed charges............. 1.44 2.49 2.33 3.00(A) 1.66(B) 10.33 8.98 ======= ======= ======== ======== ======= ======== ======= (A) Income from continuing operations for 1996 was $83.6 million, or $2.26 per share on a fully diluted basis, compared to income from continuing operations of $19.0 million, or $0.53 per share, for 1995. Results for 1996 include a net pretax charge of $19.0 million, of which approximately $13.8 million represents non-cash charges, primarily attributable to costs associated with the restructuring of North American manufacturing facilities. (B) Includes the impact of: (1) a $34.9 million pre-tax non-recurring increase in cost of goods sold attributable to the fair value of inventory over the FIFO cost as required by the purchase method of accounting; and (2) $51.9 million in business restructuring and integration expenses and charges associated with the integration of the footwear business of The United States Shoe Corporation into the Company.