EXHIBIT (12) SUPERVALU INC. and Subsidiaries Ratio of Earnings to Fixed Charges For Fiscal Years Ended (In thousands, except ratios) 1998 1997 1996 1995 1994 --------- --------- --------- --------- --------- Earnings before income taxes $ 384,780 $ 280,512 $ 267,692 $ 15,925 $ 294,080 Less undistributed earnings of less than fifty percent owned affiliates (7,388) (15,813) (11,136) (10,902) (8,306) --------- --------- --------- --------- --------- Earnings before income taxes 377,392 264,699 256,556 5,023 285,774 Interest expense 133,619 136,831 140,150 135,383 120,292 Interest on operating leases 18,010 16,950 17,059 18,204 17,288 --------- --------- --------- --------- --------- $ 529,021 $ 418,480 $ 413,765 $ 158,610 $ 423,354 ========= ========= ========= ========= ========= Total fixed charges 151,629 153,781 157,209 153,587 137,580 ========= ========= ========= ========= ========= Ratio of earnings to fixed charges 3.49 2.72 2.63 1.03 3.08 ========= ========= ========= ========= =========