<PAGE>
                                                                      Exhibit 12

                            STEWART ENTERPRISES, INC.
                                AND SUBSIDIARIES

                CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
                             (DOLLARS IN THOUSANDS)

                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                        THREE MONTHS
                                            ENDED
                                          JANUARY 31,                            YEARS ENDED OCTOBER 31,
                                                         ------------------------------------------------------------------------
                                             2004           2003            2002           2001               2000         1999
                                          ---------      ---------       ---------      ---------          ---------    ---------
<S>                                       <C>            <C>             <C>            <C>                <C>          <C>
Earnings (loss) from operations
  before income taxes                     $  18,329(2)   $ (69,470)(3)   $  49,321(4)   $(196,301)(5)(6)   $ 105,187    $ 142,551(7)

Fixed charges:
  Interest charges (1)                       12,621         53,797          62,655         64,235             62,748       55,543
  Interest portion of lease expense             475          1,933           2,258          2,882              3,379        2,859
                                          ---------      ---------       ---------      ---------          ---------    ---------
Total fixed charges                          13,096         55,730          64,913         67,117             66,127       58,402

Earnings (loss) from operations before
  income taxes and fixed charges, less
  capitalized interest                    $  31,325(2)   $ (14,059)(3)   $ 113,918(4)   $(129,847)(5)(6)   $ 169,960    $ 200,118(7)
                                          =========      =========       =========      =========          =========    =========


Ratio of earnings to fixed charges             2.39(2)          --(3)         1.75(4)          --(5)(6)         2.57         3.43(7)
                                          =========      =========       =========      =========          =========    =========
</TABLE>


(1)  Includes capitalized interest expense of $100 for the three months ended
     January 31, 2004 and $319, $316, $663, $1,354, and $835 for 2003, 2002,
     2001, 2000 and 1999, respectively.

(2)  Includes a charge of $1,993 for severance costs related to workforce
     reductions.

(3)  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 and a noncash charge of $107,300 for the impairment
     charges related to goodwill and long-lived asset impairment. As a result of
     these charges, the Company's earnings for fiscal year 2003 were
     insufficient to cover its fixed charges, and an additional $69,789 in
     pretax earnings would have been required to eliminate the coverage
     deficiency.

(4)  Includes a noncash charge of $18,500 recorded in connection with the
     writedown of assets held for sale.

(5)  Excludes cumulative effect of change in accounting principles of $250,004
     (net of a $166,669 income tax benefit).

(6)  Includes a noncash charge of $269,158 recorded in connection with the
     writedowns 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 $196,964 in pretax earnings would have
     been required to eliminate the coverage deficiency.

(7)  Excludes cumulative effect of change in accounting principle of $50,101
     (net of $28,798 income tax benefit).



      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.


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