1
EXHIBIT 12.1
STEWART ENTERPRISES, INC.
AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<Table>
<Caption>
SIX MONTHS
ENDED
YEARS ENDED OCTOBER 31, APRIL 30,
-------------------------------------------------------------- ---------
1996 1997 1998 1999 2000 2001
-------- -------- -------- -------- -------- ---------
Earnings from operations
before income taxes............................... $ 82,075 $106,477(1) $ 64,964(2) $142,551(3) $105,187 $52,635(4)
Fixed charges:
Interest charges.................................. 26,051 38,031 44,107 55,543 62,748 29,787
Interest portion of lease expense................. 1,522 2,181 2,814 2,859 3,379 1,421
-------- -------- -------- -------- -------- --------
Total fixed charges................................. 27,573 40,212 46,921 58,402 66,127 31,208
Earnings from operations before income
taxes and fixed charges, less capitalized
interest.......................................... $109,648 $146,689(1) $111,599(2) $200,118(3) $169,960 $83,477(4)
======== ======== ======== ======== ======== =======
Ratio of earnings to fixed charges.................. 3.98 3.65(1) 2.38(2) 3.43(3) 2.57 2.67(4)
======== ======== ======== ======== ======== =======
</Table>
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(1) Excludes cumulative effect of change in accounting principles of $2,324
(net of a $2,230 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 principle of $50,101
(net of a $28,798 income tax benefit).
(4) Excludes cumulative effect of change in accounting principles of $250,004
(net of a $166,669 income tax benefit).
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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.