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STEWART ENTERPRISES, INC.
    
    Exhibit 12AND SUBSIDIARIES
 Calculation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
(Unaudited)
 QuarterEnded
    
    
    Years Ended October 31,January 31,2008
    
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Earnings from continuing operations before income
taxes
    
    $
    14,215
    (3)
    
    $
    57,413
    (4)
    
    $
    58,734
    (5)
    
    $
    11,281
    (6)(7)
    
    $
    48,527
    (8)
    
    $
    4,211
    (9)Fixed charges:Interest charges (1)
    
    
    6,003
    
    
    
    26,023
    
    
    
    30,203
    
    
    
    30,793
    
    
    
    47,735
    
    
    
    53,962Interest portion of lease expense (2)
    
    
    369
    
    
    
    1,470
    
    
    
    1,604
    
    
    
    1,567
    
    
    
    1,918
    
    
    
    1,933Total fixed charges
    
    
    6,372
    
    
    
    27,493
    
    
    
    31,807
    
    
    
    32,360
    
    
    
    49,653
    
    
    
    55,895Earnings from continuing operations before income
taxes and fixed charges, less capitalized interest
    
    $
    20,472
    (3)
    
    $
    83,948
    (4)
    
    $
    89,971
    (5)
    
    $
    43,308
    (6)(7)
    
    $
    97,780
    (8)
    
    $
    59,787
    (9)Ratio of earnings to fixed charges
    
    
    3.21
    (3)
    
    
    3.05
    (4)
    
    
    2.83
    (5)
    
    
    1.34
    (6)(7)
    
    
    1.97
    (8)
    
    
    1.07
    (9)
 
 (1)
    
    Includes capitalized interest expense of $115, $958, $570, $333, $400 and $319 for
the quarter ended January 31, 2008 and for the fiscal years ended October 31, 2007, 2006,
2005, 2004 and 2003, respectively.(2)
    
    The interest portion of lease expense is one-third of total lease expense.(3)
    
    Includes a net recovery of $159 related to Hurricane Katrina and gains on
dispositions, net of impairment losses of $147.(4)
    
    Includes a charge of $2,533 for net expenses related to Hurricane Katrina, a charge
of $580 for separation charges related to the July 2005 restructuring of the Companys
divisions and retirement of an executive officer, ($44) of gains on dispositions, net of
impairment losses and $677 for the loss on early extinguishment of debt related to the June
2007 senior convertible debt transaction.(5)
    
    Includes a net recovery of $1,628 related to Hurricane Katrina expenses, business
interruption insurance proceeds of $3,169 related to Hurricane Katrina, a charge of $991 for
separation charges related to the July 2005 restructuring of the Companys divisions and
retirement of an executive officer and ($153) of gains on dispositions, net of impairment
losses.(6)
    
    Excludes cumulative effect of change in accounting principle of $153,180 (net of a
$101,061 income tax benefit).(7)
    
    Includes a charge of $9,366 for net expenses related to Hurricane Katrina, a charge
of $1,507 for separation charges related to the July 2005 restructuring of the Companys
divisions, $1,311 of gains on disposition, net of impairment losses and $32,822 for the loss
on early extinguishment of debt related to the 2005 debt refinancings.(8)
    
    Includes a charge of $3,427 for severance and other charges relating to the
workforce reduction announced in December 2003 and separation payments to a former executive
and ($225) of gains on dispositions, net of impairment losses.(9)
    
    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 non-cash
charge of $9,562 recorded in connection with long-lived asset impairment and $2,450 of
separation payments to former executives.  45