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Exhibit 12.1
Dean Foods Company and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
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<TABLE>
<CAPTION>
FISCAL YEARS ENDING MAY
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2000 1999 1998 1997 1996
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<S> <C> <C> <C> <C> <C>
Income (loss) from continuing operations
before taxes $173,274 $115,297 $143,730 $124,529 $(15,586)
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Fixed charges:
Interest expense 50,148 39,098 21,101 15,071 16,316
Portion of rentals (33%) 16,797 13,916 10,758 8,417 8,735
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Total fixed charges 66,945 53,014 31,859 23,488 25,051
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Earnings from continuing operations before
taxes and fixed charges $240,219 $168,311 $175,589 $148,017 $ 9,465
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Ratio of earnings to fixed charges 3.6 3.2 5.5 6.3 0.4(*)
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</TABLE>
(*) The Fiscal 1996 Ratio of Earnings to Fixed Charges and "Income (Loss) from
Continuing Operations Before Taxes" includes the effect of a pre-tax
special charge to earnings of $102.4 million ($64.9 million after-tax),
resulting in a fixed charge deficiency of $15.6.
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