Exhibit 12.1
Paperweight Development Corp. and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges
(unaudited)
| Six Months Ended | |||||||||||||||||||||||||
| (Successor Basis) | (Successor Basis) | Predecessor Basis | |||||||||||||||||||||||
| June 29, 2003 | June 30, 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 | $ | 8,656 | $ | 5,128 | $ | 10,092 | $ | 7,616 | $ | 37,183 | $ | 66,161 | $ | 49,893 | $ | 82,813 | |||||||||
Add: Income tax expense | 551 | 39 | 503 | 117 | 20,625 | 32,874 | 17,715 | 53,716 | |||||||||||||||||
Add: Interest expense | 26,840 | 37,772 | 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 | 1,328 | 1,522 | 2,930 | 386 | 2,485 | 3,394 | 3,448 | 3,878 | |||||||||||||||||
Total earnings available for fixed charges | $ | 37,375 | $ | 44,461 | $ | 81,879 | $ | 18,757 | $ | 85,734 | $ | 146,903 | $ | 118,878 | $ | 198,802 | |||||||||
Fixed charges: | |||||||||||||||||||||||||
Interest expense | 26,840 | 37,772 | 68,354 | 10,638 | 25,441 | 43,244 | 42,926 | 60,215 | |||||||||||||||||
Portion of rent deemed interest factor | 1,328 | 1,522 | 2,930 | 386 | 2,485 | 3,394 | 3,448 | 3,878 | |||||||||||||||||
Total fixed charges | $ | 28,168 | $ | 39,294 | $ | 71,284 | $ | 11,024 | $ | 27,926 | $ | 46,638 | $ | 46,374 | $ | 64,093 | |||||||||
Ratio of earnings to fixed charges | 1.3 | 1.1 | 1.1 | 1.7 | 3.1 | 3.1 | 2.6 | 3.1 | |||||||||||||||||