Exhibit 12.1
Paperweight Development Corp. and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges
(unaudited)
Nine Months Ended | |||||||||||||||||||||||||
(Predecessor Basis) | (Successor Basis) | (Predecessor Basis) | (Successor Basis) | ||||||||||||||||||||||
1997 | 1998 | 1999 | 2000 | For the Period December 31, 2000 to November 9, 2001 | For the Period November 10, 2001 to December 29, 2001 | September 30, 2001 | September 29, 2002 | ||||||||||||||||||
Net earnings from continuing operations | $ | 129,651 | $ | 82,813 | $ | 49,893 | $ | 70,812 | $ | 43,626 | $ | 7,616 | $ | 41,827 | $ | 22,106 | |||||||||
Add: Income tax expense | 70,611 | 53,716 | 17,715 | 35,725 | 24,574 | 117 | 16,952 | 167 | |||||||||||||||||
Add: Interest expense | 30,931 | 60,215 | 42,926 | 43,244 | 25,441 | 10,638 | 22,815 | 53,616 | |||||||||||||||||
Minority interest in net earnings of subsidiaries | 1,237 | 5,493 | 4,896 | 1,230 | — | — | — | — | |||||||||||||||||
Equity in net income of unconsolidated affiliates | 46 | (7,313 | ) | — | — | — | — | — | — | ||||||||||||||||
Portion of rent deemed interest factor | 3,993 | 3,878 | 3,448 | 3,394 | 2,485 | 386 | 2,160 | 2,181 | |||||||||||||||||
Total earnings available for fixed charges | $ | 236,469 | $ | 198,802 | $ | 118,878 | $ | 154,405 | $ | 96,126 | $ | 18,757 | $ | 83,754 | $ | 78,070 | |||||||||
Fixed charges: | |||||||||||||||||||||||||
Interest expense | 30,931 | 60,215 | 42,926 | 43,244 | 25,441 | 10,638 | 22,815 | 53,616 | |||||||||||||||||
Portion of rent deemed interest factor | 3,993 | 3,878 | 3,448 | 3,394 | 2,485 | 386 | 2,160 | 2,181 | |||||||||||||||||
Total fixed charges | $ | 34,924 | $ | 64,093 | $ | 46,374 | $ | 46,638 | $ | 27,926 | $ | 11,024 | $ | 24,975 | $ | 55,797 | |||||||||
Ratio of earnings to fixed charges | 6.8 | 3.1 | 2.6 | 3.3 | 3.4 | 1.7 | 3.4 | 1.4 | |||||||||||||||||