<PAGE>
Exhibit 12
Southern States Cooperative
Ratios of earnings to fixed charges
<TABLE>
<CAPTION>
Year ended June 30,
----------- ----------- ----------- ----------- -----------
2000 1999 1998 1997 1996
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Earnings:
Income (loss) before income taxes, extraordinary charge,
cumulative effect of accounting changes and
discontinued operations and distributions on capital
securities of trust subsidiary $ 9,331,773 $(1,449,650) $13,570,456 $33,539,852 $34,645,994
Interest expense, net of capitalized interest 27,862,517 28,413,129 16,859,373 15,565,523 15,236,987
Portion of rents representative of interest factor 5,871,769 5,151,839 2,900,188 2,703,206 2,423,809
Amortization of capitalized interest 75,000 75,000 62,249 15,143 10,832
----------- ----------- ----------- ----------- -----------
Total Earnings $43,141,059 $32,190,318 $33,392,266 $51,823,724 $52,317,622
=========== =========== =========== =========== ===========
Fixed Charges:
Interest expense (before deducting capitalized interest) $28,588,902 $29,314,830 $17,310,851 $15,730,029 $15,352,563
Portion of rents representative of interest factor 5,871,769 5,151,839 2,900,188 2,703,206 2,423,809
Distributions on capital securities of trust subsidiary 3,600,000 0 0 0 0
Preferred stock dividend requirements of majority-owned
subsidiaries grossed up for pre-tax effect 4,377,594 316,063 316,063 316,061 316,061
----------- ----------- ----------- ----------- -----------
Total Fixed Charges $42,438,265 $34,782,732 $20,527,102 $18,749,297 $18,092,434
=========== =========== =========== =========== ===========
Ratio of Earnings to Fixed Charges 1.02 0.93 1.63 2.76 2.89
=========== =========== =========== =========== ===========
Insufficient to cover fixed charges by 2,592,414
</TABLE>
