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STEWART ENTERPRISES, INC.
AND SUBSIDIARIES
 Calculation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
 (Unaudited)
 Years Ended October 31,2006
    
    
    2005
    
    
    2004
    
    
    2003
    
    
    2002Earnings from continuing operations before income
taxes
    
    $
    58,790
    (3)
    
    $
    11,837
    (4)(5)
    
    $
    49,004
    (6)
    
    $
    4,902
    (7)
    
    $
    17,449
    (8)(9)Fixed charges:Interest charges (1)
    
    
    30,203
    
    
    
    30,793
    
    
    
    47,735
    
    
    
    53,962
    
    
    
    62,296Interest portion of lease expense (2)
    
    
    1,604
    
    
    
    1,567
    
    
    
    1,918
    
    
    
    1,933
    
    
    
    2,258Total fixed charges
    
    
    31,807
    
    
    
    32,360
    
    
    
    49,653
    
    
    
    55,895
    
    
    
    64,554Earnings from continuing operations before income
taxes and fixed charges, less capitalized interest
    
    $
    90,027
    (3)
    
    $
    43,864
    (4)(5)
    
    $
    98,257
    (6)
    
    $
    60,478
    (7)
    
    $
    81,687
    (8)(9)Ratio of earnings to fixed charges
    
    
    2.83
    (3)
    
    
    1.36
    (4)(5)
    
    
    1.98
    (6)
    
    
    1.08
    (7)
    
    
    1.27
    (8)(9)
 
 (1)
    
    Includes capitalized interest expense of $570, $333, $400, $319 and $316 for 2006,
2005, 2004, 2003 and 2002, respectively.(2)
    
    The interest portion of lease expense is one-third of total lease expense.(3)
    
    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 ($353) of gains on dispositions, net of impairment
losses.(4)
    
    Excludes cumulative effect of change in accounting principle of $153,180 (net of a
$101,061 income tax benefit).(5)
    
    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, $1,234 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.(6)
    
    Includes a charge of $3,435 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.(7)
    
    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 $9,562 recorded in connection with long-lived asset impairment and $2,450 of
separation payments to former executives.(8)
    
    Includes a noncash charge of $18,500 recorded in connection with the write-down of
assets held for sale.(9)
    
    Excludes cumulative effect of change in accounting principle of $193,090 (net of a
$16,310 income tax benefit).  1