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EXHIBIT 12.2
STEWART ENTERPRISES, INC.
AND SUBSIDIARIES
CALCULATION OF PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<Table>
<Caption>
PRO FORMA (1)
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YEAR ENDED SIX MONTHS ENDED
OCTOBER 31, APRIL 30,
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2000 2001
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Net earnings from continuing
operations before income taxes $ 90,243 $ 45,410
Less: Capitalized interest 1,354 366
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88,889 45,044
Fixed Charges:
Interest expense:
Interest expense, gross 76,338 36,646
Capitalized interest 1,354 366
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77,692 37,012
Interest portion of lease expenses 3,379 1,421
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Total fixed charges 81,071 38,433
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Net earnings from continuing operations
before income taxes and fixed charges $ 169,960 $ 83,477
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Ratio of earnings to fixed charges 2.10 2.17
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</Table>
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(1) For purposes of computing the pro forma ratio of earnings to fixed charges,
the $291.8 million of proceeds from the outstanding notes were applied pro rata
to the debt which was refinanced on June 29, 2001 as shown in "Refinancing
Transactions."
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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.