Exhibit 12.1
OfficeMax Incorporated and Subsidiaries
Ratio of Earnings to Fixed Charges
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| Nine Months Ended |
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| Year Ended December 31 |
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| (Restated) |
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| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2003 |
| 2004 |
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| (thousands) |
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Interest costs |
| $ | 146,124 |
| $ | 152,322 |
| $ | 129,917 |
| $ | 133,762 |
| $ | 134,930 |
| $ | 96,524 |
| $ | 123,826 |
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Guarantee of interest on ESOP debt |
| 12,856 |
| 10,880 |
| 8,732 |
| 6,405 |
| 3,976 |
| 3,020 |
| 905 |
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Interest capitalized during the period |
| 238 |
| 1,458 |
| 1,945 |
| 3,937 |
| 391 |
| 352 |
| 28 |
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Interest factor related to noncapitalized leases (a) |
| 13,065 |
| 13,394 |
| 11,729 |
| 11,128 |
| 15,974 |
| 8,422 |
| 84,900 |
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Total fixed charges |
| $ | 172,283 |
| $ | 178,054 |
| $ | 152,323 |
| $ | 155,232 |
| $ | 155,271 |
| $ | 108,318 |
| $ | 209,659 |
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Income (loss) before income taxes, minority interest and cumulative effect of accounting changes |
| $ | 355,940 |
| $ | 298,331 |
| $ | (48,558 | ) | $ | (12,214 | ) | $ | 19,297 |
| $ | 9,792 |
| $ | 279,514 |
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Undistributed (earnings) losses of less than 50%- owned entities, net of distributions received |
| (6,115 | ) | (2,061 | ) | 8,039 |
| 2,435 |
| (8,695 | ) | (4,351 | ) | (6,291 | ) | |||||||
Total fixed charges |
| 172,283 |
| 178,054 |
| 152,323 |
| 155,232 |
| 155,271 |
| 108,318 |
| 209,659 |
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Less: Interest capitalized |
| (238 | ) | (1,458 | ) | (1,945 | ) | (3,937 | ) | (391 | ) | (352 | ) | (28 | ) | |||||||
Guarantee of interest on ESOP debt |
| (12,856 | ) | (10,880 | ) | (8,732 | ) | (6,405 | ) | (3,976 | ) | (3,020 | ) | (905 | ) | |||||||
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Total earnings before fixed charges |
| $ | 509,014 |
| $ | 461,986 |
| $ | 101,127 |
| $ | 135,111 |
| $ | 161,506 |
| $ | 110,387 |
| $ | 481,949 |
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Ratio of earnings to fixed charges |
| 2.95 |
| 2.59 |
| — |
| — |
| 1.04 |
| 1.02 |
| 2.30 |
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Excess of fixed charges over earnings before fixed charges |
| $ | — |
| $ | — |
| $ | 51,196 |
| $ | 20,121 |
| $ | — |
| $ | — |
| $ | — |
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(a) Interest expense for operating leases with terms of one year or longer is based on an imputed interest rate.
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