exv12w1

Exhibit 12.1

STEWART ENTERPRISES, INC.
AND SUBSIDIARIES

Calculation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)

(Unaudited)


	Years Ended October 31,
	Three
	Months Ended
	January 31, 2006			2005			2004			2003			2002			2001
							(Restated)			(Restated)			(Restated)			(Restated)
Earnings (loss) from continuing operations before income taxes	$	13,284	⁽³⁾	$	12,108	⁽⁴⁾⁽⁵⁾	$	49,231	⁽⁶⁾	$	4,656	⁽⁷⁾	$	17,625	⁽⁸⁾⁽⁹⁾	$	(229,262	)^(10)(11)

Fixed charges:
Interest charges ⁽¹⁾		7,544			30,793			47,735			53,962			62,296			64,235
Interest portion of lease expense ⁽²⁾		401			1,604			1,918			1,933			2,258			2,882

Total fixed charges		7,945			32,397			49,653			55,895			64,554			67,117

Earnings (loss) from continuing operations before income taxes and fixed charges, less capitalized interest	$	21,213	⁽³⁾	$	44,172	⁽⁴⁾⁽⁵⁾	$	98,484	⁽⁶⁾	$	60,232	⁽⁷⁾	$	81,863	⁽⁸⁾⁽⁹⁾	$	(162,808	)^(10)(11)


Ratio of earnings to fixed charges		2.67	⁽³⁾		1.36	⁽⁴⁾⁽⁵⁾		1.98	⁽⁶⁾		1.08	⁽⁷⁾		1.27	⁽⁸⁾⁽⁹⁾		—	^(10)(11)


⁽¹⁾		Includes capitalized interest expense of $16, $333, $400, $319, $316, and $663 for the three months ended January 31, 2006 and fiscal years 2005, 2004, 2003, 2002 and 2001, respectively.

⁽²⁾		The interest portion of lease expense is one-third of total lease expense.

⁽³⁾		Includes a charge of $2,638 for expenses related to Hurricane Katrina, a charge of $154 for separation charges related to the July 2005 restructuring of the Company’s divisions and $298 of gains on disposition, 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 expenses related to Hurricane Katrina, a charge of $1,507 for separation charges related to the July 2005 restructuring of the Company’s divisions, $1,297 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 ($204) 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 $10,206 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).

⁽¹⁰⁾		Excludes cumulative effect of change in accounting principles of $248,666 (net of a $167,562 income tax benefit).

⁽¹¹⁾		Includes a noncash charge of $269,158 recorded in connection with the write-down 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 $229,925 in pretax earnings would have been required to eliminate the coverage deficiency.

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