EX-12 3 a38643exv12.htm EXHIBIT 12 exv12
 

EXHIBIT 12
DOLE FOOD COMPANY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except for ratio data)
                                                 
                                    Three        
                                    Quarters        
    Fiscal Years Ended     Ended        
    December 29,     December 30,     December 31,     January 1,     January 3,     Quarter Ended  
    2007     2006     2005     2005     2004     March 22, 2003  
Income (loss) from continuing operations before income taxes, minority interests and equity earnings
  $ (55,340 )   $ (73,422 )   $ 81,621     $ 153,025     $ 28,919     $ 72,359  
Distributed income of equity method investees
    439       1,478       2,040       2,173       2,606       648  
Fixed charges from continuing operations
    251,270       225,728       185,800       186,296       149,648       27,122  
 
                                   
Earnings available for fixed charges
  $ 196,369     $ 153,784     $ 269,461     $ 341,494     $ 181,173     $ 100,129  
 
                                   
 
                                               
Fixed charges from continuing operations:
                                               
Interest expense
  $ 190,143     $ 169,719     $ 134,926     $ 142,998     $ 116,921     $ 19,246  
Amortization of debt expense and discounts
    4,722       4,996       7,526       9,505       7,435       374  
Assumed interest element included in rent expense
    56,405       51,013       43,348       33,793       25,292       7,502  
 
                                   
 
                                               
Total fixed charges from continuing operations
  $ 251,270     $ 225,728     $ 185,800     $ 186,296     $ 149,648     $ 27,122  
 
                                   
 
                                               
Ratio of earnings to fixed charges (A)
    0.78 X     0.68 X     1.45 X     1.83 X     1.21 X     3.69 X
 
(A)   Due to the Company’s loss from continuing operations in both 2007 and 2006, the ratio of earnings to fixed charges was less than 1:1. The Company must generate additional earnings of $54.9 million and $71.9 million to achieve a coverage ratio of 1:1 for 2007 and 2006, respectively.