##### 



STEWART ENTERPRISES, INC.
AND SUBSIDIARIES
 Calculation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
 (Unaudited)
 Nine MonthsEndedJuly 31,
    
    
    Years Ended October 31,2005
    
    
    2004
    
    
    2003
    
    
    2002
    
    
    2001
    
    
    2000(Restated)
    
    
    (Restated)
    
    
    (Restated)
    
    
    (Restated)
    
    
    (Restated)(Note 1)
    
    
    (Note 1)
    
    
    (Note 1)
    
    
    (Note 1)
    
    
    (Note 1)Earnings (loss) from continuing
operations before income taxes
    
    $
    16,472
    (3)(4)
    
    $
    49,231
    (5)
    
    $
    4,656
    (6)
    
    $
    17,625
    (7)(8)
    
    $
    (229,262
    ) (9)(10)
    
    $
    102,921Fixed charges:Interest charges (1)
    
    
    23,729
    
    
    
    47,735
    
    
    
    53,962
    
    
    
    62,296
    
    
    
    64,235
    
    
    
    62,748Interest portion of lease expense (2)
    
    
    1,176
    
    
    
    1,918
    
    
    
    1,933
    
    
    
    2,258
    
    
    
    2,882
    
    
    
    3,379Total fixed charges
    
    
    24,905
    
    
    
    49,653
    
    
    
    55,895
    
    
    
    64,554
    
    
    
    67,117
    
    
    
    66,127Earnings (loss) from continuing
operations before income taxes and
fixed charges, less capitalized interest
    
    $
    41,151
    (3)(4)
    
    $
    98,484
    (5)
    
    $
    60,232
    (6)
    
    $
    81,863
    (7)(8)
    
    $
    (162,808
    ) (9)(10)
    
    $
    167,694Ratio of earnings to fixed charges
    
    
    1.65
    (3)(4)
    
    
    1.98
    (5)
    
    
    1.08
    (6)
    
    
    1.27
    (7)(8)
    
    
    
    (9)(10)
    
    
    2.54
 
 (1)
    
    Includes capitalized interest expense of $226 for the nine months ended July
31, 2005 and $400, $319, $316, $663 and $1,354 for 2004, 2003, 2002, 2001 and 2000,
respectively.(2)
    
    The interest portion of lease expense is one-third of total lease expense.(3)
    
    Excludes cumulative effect of change in accounting principle of $153,180 (net of a
$101,061 income tax benefit).(4)
    
    Includes $1,300 of gains on dispositions and impairment (losses), net and a charge
of $32,822 for the loss on early extinguishment of debt.(5)
    
    Includes a charge of $3,435 for severance and other costs related to workforce
reductions announced in December 2003 and separation payments to a former executive officer,
and ($204) of gains on dispositions and impairment (losses), net.(6)
    
    Includes a charge of $11,289 for the loss on early extinguishment of debt recorded
in connection with the redemption of the Remarketable Or Redeemable Securities, a noncash
charge of $10,206 recorded in connection with long-lived asset impairment and $2,450 of
separation payments to former executive officers.(7)
    
    Includes a noncash charge of $18,500 recorded in connection with the write-down of
assets held for sale.(8)
    
    Excludes cumulative effect of change in accounting principle of $193,090 (net of a
$16,310 income tax benefit).(9)
    
    Excludes cumulative effect of change in accounting principles of $248,666 (net of a
$167,562 income tax benefit).(10)
    
    Includes a noncash charge of $269,158 recorded in connection with the write-down of
assets held for sale and other charges and a charge of $9,120 for the loss on early
extinguishment of debt. As a result of these charges, the Companys earnings for fiscal year
2001 were insufficient to cover its fixed charges, and an additional $229,925 in pretax
earnings would have been required to eliminate the coverage deficiency.