Golden Equities S-4 Registration of securities issued in business combination transactions

Exhibit 12.1

Graphic Packaging International Corporation

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

(in thousands)

	Year Ended December 31,
	2001			2000			1999			1998			1997
Earnings:
Pretax income (loss) from continuing operations	$	10,693		$	(11,676	)	$	30,355		$	10,204		$	(2,065	)
Share of loss from equity investee		804			473			267			—			—
Fixed charges (from below)		80,654			97,161			56,642			27,078			10,927
Depreciation of capitalized interest		936			1,824			95			45			55
Capitalized interest		(1,828	)		(1,089	)		(1,974	)		(330	)		(460	)
Total earnings	$	91,259		$	86,693		$	85,385		$	36,997		$	8,457
Fixed Charges:
Interest expensed	$	52,811		$	82,071		$	50,240		$	25,579		$	8,686
Interest capitalized		1,828			1,089			1,974			330			460
Amortization of debt issuance costs		7,795			8,865			2,448			—			—
Interest factor in rent expense (1)		1,606			1,330			1,980			1,170			1,801
Funds needed to pay preferred stock dividends		16,614			3,806			—			—			—
Total fixed charges and preferred dividends	$	80,654		$	97,161		$	56,642		$	27,078		$	10,927
Ratio of earnings to combined fixed charges and preferred dividends		1.1			0.9			1.5			1.4			0.8
Deficiency	$	—		$	(10,468	)	$	—		$	—		$	(2,470	)

(1) 33% of rental expense (considered to be representative of the interest factor).