Ikon Receivables Funding 10-K/A 2003 FY Annual report (amended)

EXHIBIT 12

IKON RECEIVABLES FUNDING, LLC

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Fiscal Year Ended September 30
	2003		2002
Earnings
Income before income taxes	$	62,854	$	20,201
Add:
Fixed charges		30,600		8,323
Earnings, as adjusted (A)	$	93,454	$	28,524
Fixed charges
Other interest expense, including interest on capital leases (B)	$	30,600	$	8,323
Ratio of earnings to fixed charges (A) divided by (B)		3.1		3.4