EXHIBIT 12
LAND O'LAKES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Year Ended December 31,
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2003 2002 2001 2000 1999
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Earnings before income taxes ................................ $ 101,641 $96,685 $66,087 $90,032 $21,498
Plus: Fixed Charges (1) ..................................... 100,168 93,475 67,269 63,009 53,602
Less: Capitalized interest .................................. 8 143 126 1,457 1,735
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Earnings available to cover fixed charges $ 201,801 $190,017 $133,230 $151,584 $73,365
Ratio of earnings to fixed charges .......................... 2.0x 2.0x 2.0x 2.4x 1.4x
(1) Fixed charges consist of the following:
Year Ended December 31,
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2003 2002 2001 2000 1999
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Interest expense ............................................ $ 82,948 $78,671 $55,684 $52,439 $44,702
Rentals (interest factor) ................................... 17,220 14,804 11,585 10,570 8,900
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Total fixed charges ..................................... $ 100,168 $93,475 $67,269 $63,009 $53,602