Exhibit 12.1
Paperweight Development Corp. and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges
(unaudited)
Three Months Ended | |||||||||||||||||||||||||
(Successor Basis) | (Predecessor Basis) | (Successor Basis) | Predecessor Basis | ||||||||||||||||||||||
March 30, 2003 | March 31, 2002 | 2002 | For the Period November 10, 2001 to December 29, 2001 | For the Period December 31, 2000 to November 9, 2001 | 2000 | 1999 | 1998 | ||||||||||||||||||
Net earnings from continuing operations | $ | 7,771 | $ | 10,486 | $ | 10,092 | $ | 7,616 | $ | 37,183 | $ | 66,161 | $ | 49,893 | $ | 82,813 |
| ||||||||
Add: Income tax expense |
| 91 |
| 79 |
| 503 |
| 117 |
| 20,625 |
| 32,874 |
| 17,715 |
| 53,716 |
| ||||||||
Add: Interest expense |
| 13,550 |
| 19,373 |
| 68,354 |
| 10,638 |
| 25,441 |
| 43,244 |
| 42,926 |
| 60,215 |
| ||||||||
Minority interest in net earnings of subsidiaries |
| — |
| — |
| — |
| — |
| — |
| 1,230 |
| 4,896 |
| 5,493 |
| ||||||||
Equity in net income of unconsolidated affiliates |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| (7,313 | ) | ||||||||
Portion of rent deemed interest factor |
| 691 |
| 735 |
| 2,930 |
| 386 |
| 2,485 |
| 3,394 |
| 3,448 |
| 3,878 |
| ||||||||
Total earnings available for fixed charges | $ | 22,103 | $ | 30,673 | $ | 81,879 | $ | 18,757 | $ | 85,734 | $ | 146,903 | $ | 118,878 | $ | 198,802 |
| ||||||||
Fixed charges: | |||||||||||||||||||||||||
Interest expense |
| 13,550 |
| 19,373 |
| 68,354 |
| 10,638 |
| 25,441 |
| 43,244 |
| 42,926 |
| 60,215 |
| ||||||||
Portion of rent deemed interest factor |
| 691 |
| 735 |
| 2,930 |
| 386 |
| 2,485 |
| 3,394 |
| 3,448 |
| 3,878 |
| ||||||||
Total fixed charges | $ | 14,241 | $ | 20,108 | $ | 71,284 | $ | 11,024 | $ | 27,926 | $ | 46,638 | $ | 46,374 | $ | 64,093 |
| ||||||||
Ratio of earnings to fixed charges |
| 1.6 |
| 1.5 |
| 1.1 |
| 1.7 |
| 3.1 |
| 3.1 |
| 2.6 |
| 3.1 |
| ||||||||