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EXHIBIT 12
Dean Foods Company and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
FISCAL YEARS ENDING MAY
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1999 1998 1997 1996 1995
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Income (loss) from continuing operations
before taxes $115,297 $143,730 $124,529 $(15,586) $100,582
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Fixed charges:
Interest expense 39,098 21,101 15,071 16,316 13,298
Portion of rentals (33%) 13,916 10,758 8,417 8,735 6,772
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Total fixed charges 53,014 31,859 23,488 25,051 20,070
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Earnings from continuing operations before
taxes and fixed charges $168,311 $175,589 $148,017 $ 9,465 $120,652
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Ratio of earnings to fixed charges 3.2 5.5 6.3 0.4(*) 6.0
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(*) The Fiscal 1996 Ratio of Earnings to Fixed Charges and "Income (Loss) from
Continuing Operations before Taxes" includes the effect of a pre-tax
special charge to earnings of $102.4 million.