Exhibit 12 CONSTELLATION BRANDS, INC. AND SUBSIDIARIES STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (in thousands of dollars)
For the Three Months Ended For the Years Ended ------------------ --------------------------------------------------------------- May 31, May 31, February 28, February 29, February 28, February 28, February 28, 2001 2000 2001 2000 1999 1998 1997 ---- ---- ----------- ----------- ----------- ----------- ----------- Earnings: (a) Income before provision for income taxes $39.7 $29.8 $162.2 $129.0 $104.4 $ 79.9 $ 79.1 Add fixed charges 32.3 29.4 116.2 114.0 46.5 35.8 37.1 ----- ----- ------ ------ ------ ------ ------ Earnings $72.0 $59.2 $278.4 $243.0 $150.9 $115.7 $116.2 ===== ===== ====== ====== ====== ====== ====== Fixed Charges: Interest on debt and capitalized leases $30.6 $28.1 $111.0 $110.0 $ 43.5 $ 32.9 $ 34.5 Amortization of direct financing costs 1.0 0.8 3.1 2.2 1.9 2.1 2.1 Amortization of discount on debt 0.2 0.1 0.5 0.4 0.4 0.3 0.1 Interest element of rentals 0.5 0.4 1.6 1.4 0.7 0.5 0.4 ----- ----- ------ ------ ------ ------ ------ Total fixed charges $32.3 $29.4 $116.2 $114.0 $ 46.5 $ 35.8 $ 37.1 ===== ===== ====== ====== ====== ====== ====== Ratio of Earnings to Fixed Charges 2.2 2.0 2.4 2.1 3.2 3.2 3.1 ===== ===== ====== ====== ====== ====== ======
(a) For the purpose of calculating the ratio of earnings to fixed charges, "earnings" represent income before provision for income taxes plus fixed charges. "Fixed charges" consist of interest expensed and capitalized, amortization of debt issuance costs, amortization of discount on debt, and the portion of rental expense which management believes is representative of the interest component of lease expense.