EX-12 4 n81822a1exv12.txt STATEMENT REGARDING THE COMPUTATION OF RATIOS EXHIBIT 12 LAND O'LAKES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (dollars in thousands)
Six months ended June 30, Year Ended December 31, -------------------- -------------------------------------------------------- 2004 2003 2003 2002 2001 2000 1999 ---- ---- ---- ---- ---- ---- ---- Earnings: Earnings before income taxes ...................... $ 73,557 $ 50,881 $ 99,597 $ 92,570 $ 61,470 $ 83,140 $ 20,238 (Less) add: Equity in (earnings) loss of affiliated companies ....................................... (66,526) (50,431) (57,145) (22,675) (48,583) 35,566 (7,282) Add (less): Minority interest in earnings (loss) of subsidiaries ................................. 1,120 2,916 6,366 5,487 6,882 (1,405) (140) Add: Distributed income of equity investees ....... 14,452 2,798 37,356 26,558 3,548 1,477 -- Add: Fixed Charges (1) ............................ 55,376 50,198 105,737 99,109 75,847 72,284 60,531 Less: Capitalized interest ........................ -- (8) (8) (143) (126) (1,457) (1,735) ------------------------------------------------------------------------------ Earnings available to cover fixed charges . $ 77,979 $ 56,354 $191,903 $200,906 $ 99,038 $189,605 $ 71,612 Ratio of earnings to fixed charges ................ 1.4x 1.1x 1.8x 2.0x 1.3x 2.6x 1.2x
(1) Fixed charges consist of the following:
Six months ended June 30, Year Ended December 31, -------- ----------------------- 2004 2003 2003 2002 2001 2000 1999 ---- ---- ---- ---- ---- ---- ---- Interest expense, gross ............................. $ 47,081 $ 41,961 $ 88,517 $84,305 $64,262 $61,714 $51,631 Rentals (interest factor) ........................... 8,295 8,237 17,220 14,804 11,585 10,570 8,900 ---------------------------------------------------------------------------- Total fixed charges ............................. $ 55,376 $ 50,198 $105,737 $99,109 $75,847 $72,284 $60,531