Exhibit 12
COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
BEMIS COMPANY, INC.
(in thousands of dollars except ratio data)
(unaudited)
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| For the Six Months |
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| For the Year Ended December 31, |
| Ended June 30, |
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| 2006 |
| 2007 |
| 2008 |
| 2009 |
| 2010 |
| 2010 |
| 2011 |
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EARNINGS: |
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Pretax income from continuing operations |
| $ | 289,336 |
| $ | 289,605 |
| $ | 268,525 |
| $ | 240,310 |
| $ | 327,284 |
| $ | 142,811 |
| $ | 170,656 |
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Fixed charges |
| 57,125 |
| 59,253 |
| 47,489 |
| 48,630 |
| 81,236 |
| 38,995 |
| 38,782 |
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Less: Capitalized interest |
| (2,871 | ) | (4,220 | ) | (2,557 | ) | (1,111 | ) | (37 | ) | (7 | ) | (25 | ) | |||||||
Less: Preference security dividend requirements |
| (1,379 | ) | (1,306 | ) | (1,590 | ) | (1,902 | ) | (3,090 | ) | 0 |
| 0 |
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Noncontrolling interest in pretax income of subsidiaries that have not incurred fixed charges |
| (6 | ) | 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
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Losses (gains) recognized in pre-tax income for less than 50% owned persons |
| (32 | ) | (933 | ) | (919 | ) | (2,163 | ) | (2,121 | ) | (1,394 | ) | (1,582 | ) | |||||||
Capitalized interest amortization |
| 752 |
| 803 |
| 841 |
| 886 |
| 987 |
| 493 |
| 484 |
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TOTAL EARNINGS |
| $ | 342,925 |
| $ | 343,202 |
| $ | 311,789 |
| $ | 284,650 |
| $ | 404,259 |
| $ | 180,898 |
| $ | 208,315 |
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FIXED CHARGES: |
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Interest expense: |
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Consolidated interest expense |
| $ | 49,252 |
| $ | 50,268 |
| $ | 39,413 |
| $ | 42,052 |
| $ | 73,488 |
| $ | 36,677 |
| $ | 36,446 |
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Capitalized interest |
| 2,871 |
| 4,220 |
| 2,557 |
| 1,111 |
| 37 |
| 7 |
| 25 |
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Total interest expense |
| 52,123 |
| 54,488 |
| 41,970 |
| 43,163 |
| 73,525 |
| 36,684 |
| 36,471 |
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Interest inherent in rent expense |
| 3,623 |
| 3,459 |
| 3,929 |
| 3,565 |
| 4,621 |
| 2,311 |
| 2,311 |
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Preference security dividend requirements |
| 1,379 |
| 1,306 |
| 1,590 |
| 1,902 |
| 3,090 |
| 0 |
| 0 |
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TOTAL FIXED CHARGES |
| $ | 57,125 |
| $ | 59,253 |
| $ | 47,489 |
| $ | 48,630 |
| $ | 81,236 |
| $ | 38,995 |
| $ | 38,782 |
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RATIO OF EARNINGS TO FIXED CHARGES |
| 6.0 |
| 5.8 |
| 6.6 |
| 5.9 |
| 5.0 |
| 4.6 |
| 5.4 |
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