EX-12 2 df-20141213x10kxexx12.htm EXHIBIT 12 DF-2014.12.13-10K-EX-12
EXHIBIT 12


DEAN HOLDING COMPANY
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In thousands)

The table below sets forth the computation of ratios of earnings to fixed charges for the years ended December 31, 2014, 2013, 2012, 2011 and 2010:
 
 
Year Ended December 31
 
2014
 
2013
 
2012
 
2011
 
2010
Income (loss) from continuing operations before income taxes
$
(52,283
)
 
$
283,304

 
$
111,760

 
$
(2,251,837
)
 
$
(2,547
)
Fixed charges:
 
 
 
 
 
 
 
 

Interest expense
61,019

 
200,588

 
150,589

 
177,449

 
177,431

Portion of rentals (33%)
39,628

 
41,581

 
42,066

 
44,037

 
47,918

Capitalized interest
458

 
(110
)
 
2,468

 
1,304

 
1,271

Total fixed charges
101,105


242,059


195,123


222,790


226,620

Income (loss) from continuing operations before income taxes and fixed charges less capitalized interest and equity in earnings of unconsolidated affiliate
$
48,364


$
525,473


$
304,415


$
(2,030,351
)

$
222,802

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
0.48x

2.17x

1.56x

—


0.98x
Deficiency in the coverage of earnings to fixed charges
$
—

 
$
—

 
$
—

 
$
(2,030,351
)
 
$
—