Exhibit 12.1
Graphic Packaging International
Fixed Charges Ratio
6/30/2014
| Year Ended December 31, | ||||||||||||||||||||||||
| 2009 | 2010 | 2011 | 2012 | 2013 | 6/30/2014 | |||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest Expense | 188.3 | 167.0 | 138.9 | 105.4 | 95.6 | 40.1 | ||||||||||||||||||
Amortization of Debt Issue Cost | 8.5 | 8.3 | 7.0 | 6.2 | 6.3 | 2.5 | ||||||||||||||||||
Capitalized Interest | 2.4 | 1.1 | 1.5 | 2.2 | 3.5 | 1.2 | ||||||||||||||||||
Interest Factor in Rent Expense | 12.0 | 12.3 | 11.9 | 10.9 | 12.0 | 5.5 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
FIXED CHARGES | 211.2 | 188.7 | 159.3 | 124.7 | 117.4 | 49.3 | ||||||||||||||||||
Earnings | ||||||||||||||||||||||||
(Loss) Income from Continuing Operations Before Income Tax | 80.5 | 38.2 | 45.4 | 202.6 | 214.1 | (13.9 | ) | |||||||||||||||||
Dividends Received, Net of Earnings in Equity Affiliates | (0.1 | ) | (0.2 | ) | (0.4 | ) | (2.3 | ) | (0.2 | ) | (0.5 | ) | ||||||||||||
Fixed Charges | 211.2 | 188.7 | 159.3 | 124.7 | 117.4 | 49.3 | ||||||||||||||||||
Capitalized Interest | (2.4 | ) | (1.1 | ) | (1.5 | ) | (2.2 | ) | (3.5 | ) | (1.2 | ) | ||||||||||||
Amortization of Capitalized Interest | 1.9 | 1.9 | 2.0 | 2.0 | 2.0 | 0.9 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
EARNINGS | 291.1 | 227.5 | 204.8 | 324.8 | 329.8 | 34.6 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges | 1.4 | 1.2 | 1.3 | 2.6 | 2.8 | 0.7 | (1) | |||||||||||||||||
| (1) | Earnings for the six months ended June 30, 2014 were inadequate to cover fixed charges by $14.7 million. |
