Exhibit 12
                           STEWART ENTERPRISES, INC.
                               AND SUBSIDIARIES

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

                                  (UNAUDITED)



                                                             Years Ended October 31,
                                            -------------------------------------------------------------
                                               1998          1997        1996          1995        1994
                                            ---------     ---------     --------    --------     --------
                                                                                     

Earnings from operation
   before income taxes ..................     $64,964(1)  $ 106,477(2)  $ 82,075    $ 41,500(3)  $ 42,198

Fixed charges:
  Interest expense .......................     43,821        38,031       26,051      22,815        8,877
  Interest portion of lease expense ......      3,084         2,181        1,522       1,343          935
                                            ---------     ---------     --------    --------     --------
Total fixed charges ......................     46,905        40,212       27,573      24,158        9,812

Earnings from continuing operations
  before income taxes and fixed charges ..  $ 111,869(1)  $ 146,689(2)  $ 109,648   $ 65,658(3)  $ 52,010
                                            =========     =========     =========   ========     ========

Ratio of earnings to fixed charges .......       2.39(1)       3.65(2)       3.98       2.72(3)      5.30
                                            =========     =========     =========   ========     ========

__________________________

(1) Includes   a   non-recurring,  non-cash  charge  of  $76,762   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  non-recurring,  non-cash   charge   of  $17,252   recorded  in
    connection  with  the  vesting  of  the  Company's performance-based  stock
    options.
__________________________

  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.