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