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Exhibit 12
Southern States Cooperative
Ratios of earnings to fixed charges
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<CAPTION>
Year ended June 30,
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2000 1999 1998 1997
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<S> <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
Interest expense, net of capitalized interest 27,862,517 28,413,129 16,859,373 15,565,523
Portion of rents representative of interest factor 5,871,769 5,151,839 2,900,188 2,703,206
Amortization of capitalized interest 75,000 75,000 62,249 15,143
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Total Earnings $ 43,141,059 $ 32,190,318 $ 33,392,266 $ 51,823,724
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Fixed Charges:
Interest expense (before deducting capitalized interest) $ 28,588,902 $ 29,314,830 $ 17,310,851 $ 15,730,029
Portion of rents representative of interest factor 5,871,769 5,151,839 2,900,188 2,703,206
Distributions on capital securities of trust subsidiary 3,600,000 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
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Total Fixed Charges $ 42,438,265 $ 34,782,732 $ 20,527,102 $ 18,749,297
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Ratio of Earnings to Fixed Charges 1.02 0.93 1.63 2.76
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Insufficient to cover fixed charges by 2,592,414
<CAPTION>
Year ended June 30, Three months ended
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1996 9/30/00 9/30/99
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<S> <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 $ 34,645,994 $ (22,005,633) $ (10,063,946)
Interest expense, net of capitalized interest 15,236,987 8,184,223 8,487,985
Portion of rents representative of interest factor 2,423,809 1,590,487 1,351,840
Amortization of capitalized interest 10,832 18,750 18,750
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Total Earnings $ 52,317,622 $ (12,212,173) $ (205,371)
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Fixed Charges:
Interest expense (before deducting capitalized interest) $ 15,352,563 $ 8,186,081 $ 8,487,985
Portion of rents representative of interest factor 2,423,809 1,590,487 1,351,840
Distributions on capital securities of trust subsidiary 0 1,275,000 0
Preferred stock dividend requirements of majority-owned
subsidiaries grossed up for pre-tax effect 316,061 1,315,357 158,032
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Total Fixed Charges $ 18,092,434 $ 12,366,925 $ 9,997,856
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Ratio of Earnings to Fixed Charges 2.89 (0.99) (0.02)
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Insufficient to cover fixed charges by 24,579,098 10,203,227
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