EX-12 3 a07367exv12.htm EXHIBIT 12 EXHIBIT 12
 

EXHIBIT 12

 
DOLE FOOD COMPANY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except for ratio data)
                                                 
    Fiscal     Three              
    Year Ended     Quarters Ended     Quarter Ended     Fiscal Years Ended  
    January 1, 2005     January 3, 2004     March 22, 2003     December 28, 2002     December 29, 2001     December 30, 2000  
Income (loss) from continuing operations before income taxes and cumulative effect of change in accounting principle
  $ 159,909     $ 29,629     $ 73,888     $ 209,987     $ (7,730 )   $ 55,637  
Minority interest expense and equity earnings, net of cash received from equity investees
    2,042       (284 )     (1,200 )     (2,976 )     (874 )     (722 )
Fixed charges from continuing operations
    186,497       149,783       27,149       117,323       112,750       139,632  
 
                                   
Earnings available for fixed charges
  $ 348,448     $ 179,128     $ 99,837     $ 324,334     $ 104,146     $ 194,547  
 
                                   
 
                                               
Fixed charges from continuing operations:
                                               
Interest expense
  $ 143,199     $ 117,056     $ 19,273     $ 79,169     $ 69,307     $ 89,030  
Amortization of debt expense and discounts
    9,505       7,435       374       1,721       1,401       1,415  
Assumed interest element included in rent expense
    33,793       25,292       7,502       36,433       42,042       49,187  
 
                                   
 
                                               
Total fixed charges from continuing operations
  $ 186,497     $ 149,783     $ 27,149     $ 117,323     $ 112,750     $ 139,632  
 
                                   
 
                                               
Ratio of earnings to fixed charges (A)
    1.87  X     1.20  X     3.68  X     2.76  X     0.92  X     1.39  X


(A)    Due to the Company’s loss from continuing operations in 2001, the ratio coverage was less than 1:1. The Company must generate additional earnings of $8,604 to achieve a coverage of 1:1.