STEWART ENTERPRISES, INC.               Exhibit 12
                               AND SUBSIDIARIES

               CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
                            (DOLLARS IN THOUSANDS)
                                 (UNAUDITED)



                                                                                                          NINE MONTHS
                                                             YEARS ENDED OCTOBER 31,                         ENDED
                                                ------------------------------------------------------     JULY  31,
                                                  1995        1996      1997        1998        1999         2000
                                                --------    --------  --------    --------    --------    -----------
                                                                                        
Earnings from operations
  before income taxes ......................... $ 41,500(1) $ 82,075  $106,477(2) $ 64,964(3) $142,551(4) $    88,582

Fixed charges:
       Interest charges .......................   22,815      26,051    38,031      44,107      55,543         46,772
       Interest portion of lease expense ......    1,343       1,522     2,181       2,814       2,859          2,130
                                                --------    --------  --------    --------    --------    -----------
Total fixed charges ...........................   24,158      27,573    40,212      46,921      58,402         48,902

Earnings from operations before income
  taxes and fixed charges, less capitalized
  interest .................................... $ 65,658(1) $109,648  $146,689(2) $111,599(3) $200,118(4) $   136,767
                                                ========    ========  ========    ========    ========    ===========

Ratio of earnings to fixed charges ............     2.72(1)     3.98      3.65(2)     2.38(3)     3.43(4)        2.80
                                                ========    ========  ========    ========    ========    ===========


- ---------------------
(1) Includes a nonrecurring, noncash charge of $17,252 recorded in connection
    with the vesting of the Company's performance-based stock options.
(2) Excludes cumulative effect of change in accounting principles  of  $2,324
    (net of $2,230 income tax benefit).
(3) Includes a nonrecurring, noncash charge of $76,762 recorded in connection
    with the vesting of the Company's performance-based stock options.
(4) Excludes  cumulative effect of change in accounting principle of $50,101
    (net of $28,798 income tax benefit).
- ---------------------

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.