Exhibit 12
MINN DAK FARMER'S COOPERATIVE
COMPUTATION OF RATIO OF NET PROCEEDS TO FIXED CHARGES
(IN THOUSANDS)
Year Ended August 31,
--------------------------------------------------
1996 1995 1994 1993 1992
------ ------ ------ ------ ------
Earnings:
Net proceeds before income taxes
from continuing operations 56,872 75,422 33,643 70,609 52,452
Fixed charges, excluding capitalized
interest, see below 2,898 2,973 1,557 1,588 1,034
Amortization of capitalized interest 18 18 18 18 13
------ ------ ------ ------ ------
Net Proceeds 59,788 78,413 35,218 72,215 53,499
====== ====== ====== ====== ======
Fixed Charges:
Interest Expense 2,898 2,973 1,557 1,588 1,034
Interest factor included in rentals (1) -- -- -- -- --
------ ------ ------ ------ ------
Fixed charges, excluding capitalized
interest 2,898 2,973 1,557 1,588 1,034
Interest capitalized 669 -- -- -- 135
------ ------ ------ ------ ------
Fixed charges 3,567 2,973 1,557 1,588 1,169
====== ====== ====== ====== ======
Ratio of net proceeds to fixed charges 16.76 26.38 22.62 45.48 45.76
====== ====== ====== ====== ======
(1) The company does lease certain items, such as office equipment. Due to the
proportionately small amounts involved, interest on such lease payments
has not been included in the total of the company's fixed charges of the
calculation of this ratio.