EXHIBIT 12
STEWART ENTERPRISES, INC.
AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<Table>
<Caption>
YEARS ENDED OCTOBER 31,
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2001 2000 1999 1998 1997
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Earnings from operations
before income taxes(1) .................... $ (187,181)(2)(3) $ 105,187 $ 142,551(4) $ 64,964(5) $ 106,477(6)
Fixed charges:
Interest charges .......................... 64,235 62,748 55,543 44,107 38,031
Interest portion of lease expense ......... 2,882 3,379 2,859 2,814 2,181
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Total fixed charges ......................... 67,117 66,127 58,402 46,921 40,212
Earnings from operations before income
taxes and fixed charges, less capitalized
interest .................................. $ (120,727)(2)(3) $ 169,960 $ 200,118(4) $ 111,599(5) $ 146,689(6)
========== ========== ========== ========== ==========
Ratio of earnings to fixed charges .......... --(2)(3) 2.57 3.43(4) 2.38(5) 3.65(6)
========== ========== ========== ========== ==========
</Table>
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(1) Excludes capitalized interest expense of $663, $1,354, $835, $286, and
$0 for 2001, 2000, 1999, 1998 and 1997, respectively.
(2) Excludes extraordinary item of $5,472 (net of a $3,648 income tax
benefit) and the cumulative effect of change in accounting principles
of $250,004 (net of a $166,669 income tax benefit).
(3) Includes a nonrecurring, noncash charge of $269,158 recorded in
connection with the writedowns of assets held for sale and other
charges. As a result of this charge, the Company's earnings for fiscal
year 2001 were insufficient to cover its fixed charges, and an
additional $187,844 in pretax earnings would have been required to
eliminate the coverage deficiency. Excluding the charge, the Company's
ratio of earnings to fixed charges would have been 2.21.
(4) Excludes cumulative effect of change in accounting principle of $50,101
(net of $28,798 income tax benefit).
(5) Includes a nonrecurring, noncash charge of $76,762 recorded in
connection with the vesting of the Company's performance- based stock
options. Excluding the charge, the Company's ratio of earnings to fixed
charges for fiscal year 1998 would have been 4.01.
(6) Excludes cumulative effect of change in accounting principles of $2,324
(net of $2,230 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.