American Achievement 10-K 2004 FY Annual report

EXHIBIT 12.1

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

	(Successor)			(Predecessor)			(Predecessor)			(Predecessor)
	For the period			For the period
	March 26, 2004 -			August 31, 2003 -			For the year ended			For the year ended
	August 28, 2004			March 25, 2004			August 30, 2003			August 31, 2002
Net income (loss) before income taxes	$	10,925		$	(4,583	)	$	10,898		$	(6,713	)
Fixed charges:(1)
Interest charges		10,257			16,455			28,940			26,026
Interest portion of lease expense		352			626			983			833
Total fixed charges	$	10,609		$	17,081		$	29,923		$	26,859
Net income from operations before income taxes and fixed charges	$	17,075		$	12,498		$	40,821		$	20,146
Ratio of earnings to fixed charges(2)		2.03	x		—			1.36	x		—

(1) During the periods presented the Company had no preferred stock outstanding that required a cash payment. Therefore, the ratio of earnings to combined fixed charges and preferred dividends was the same as the ratio of earnings to fixed charges for each of the periods presented.

(2) For purposes of computing this ratio, earnings consist of income (loss) before taxes on income and fixed charges. Fixed charges consist of interest expense, amortization of deferred debt issuance costs and the portion of rental expense that includes an interest factor. Earnings before fixed charges were insufficient to cover fixed charges by approximately $4.6 million and $6.7 million for the period from August 31, 2003 to March 25, 2004 and for the fiscal year ended August 31, 2002, respectively.