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INGLES MARKETS, INCORPORATED AND SUBSIDIARIES
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12
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FISCAL YEAR ENDED SEPTEMBER
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1994 1993 1992 1991 1990
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(in thousands except ratios)
Income Before Income Taxes . . . . $26,172 $18,301 $ 8,424 $16,595 $16,392
Fixed Charges . . . . . . . . . . 22,306 21,645 21,450 22,510 20,640
Less Capitalized Interest . . . . (888) (251) (300) (545) (1,010)
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Total Earnings . . . . . . . $47,590 $39,695 $29,574 $38,560 $36,022
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Fixed Charges
Interest Expense . . . . . . . . $17,296 $17,285 $16,196 $16,927 $14,982
Capitalized Interest . . . . . . 888 251 300 545 1,010
Amortization of Debt Expense . . 117 118 120 141 125
1/3 of Rent Expense . . . . . . 4,005 3,991 4,834 4,897 4,523
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Total Fixed Charges . . . . . $22,306 $21,645 $21,450 $22,510 $20,640
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Ratio of Earnings to Fixed
Charges . . . . . . . . . . . . 2.1x 1.8x 1.4x 1.7x 1.7x
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