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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1999 1998 1997 1996 1995
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Earnings from operations
before income taxes ........................ $142,551(1) $ 64,964(2) $106,477(3) $ 82,075 $ 41,500(4)
Fixed charges:
Interest charges ............................ 55,543 44,107 38,031 26,051 22,815
Interest portion of lease expense ........... 2,859 2,814 2,181 1,522 1,343
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Total fixed charges ........................... 58,402 46,921 40,212 27,573 24,158
Earnings from operations before income taxes
and fixed charges, less capitalized interest.. $200,118(1) $111,599(2) $146,689(3) $109,648 $ 65,658(4)
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Ratio of earnings to fixed charges ............. 3.43(1) 2.38(2) 3.65(3) 3.98 2.72(4)
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(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.
(3) Excludes cumulative effect of change in accounting principles of $2,324
(net of $2,230 income tax benefit).
(4) Includes a nonrecurring, noncash charge of $17,252 recorded in connection
with the vesting of the Company's performance-based stock options.
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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.