Clearwater Paper (CLW) 10-Q 2009 Q3 Quarterly report

Exhibit 12.1

CLEARWATER PAPER CORPORATION

Computation of Ratio of Earnings to Fixed Charges

(In thousands)

	Nine Months Ended September 30, 2009		Years Ended December 31,
			2008		2007		2006		2005			2004
Earnings (loss) before income taxes	$	193,271	$	15,337	$	39,407	$	33,263	$	(14,840	)	$	(8,798	)
Add:
Interest expense		11,271		13,147		13,000		13,000		12,589			12,500
Rental expense factor 1		3,600		4,501		4,489		5,156		4,654			4,552
Earnings available for fixed charges	$	208,142	$	32,985	$	56,896	$	51,419	$	2,403		$	8,254
Fixed charges:
Interest expense	$	11,271	$	13,147	$	13,000	$	13,000	$	12,589		$	12,500
Rental expense factor 1		3,600		4,501		4,489		5,156		4,654			4,552
Total fixed charges	$	14,871	$	17,648	$	17,489	$	18,156	$	17,243		$	17,052
Ratio of earnings to fixed charges		14.0		1.9		3.3		2.8		0.1			0.5

¹ “Rental expense factor” is the portion of rental expense estimated to be representative of the interest factor within rental expense.

The ratio of earnings to fixed charges is computed by dividing income or loss before taxes plus fixed charges by fixed charges. Fixed charges consist of interest expense and the estimated portion of rental expense deemed by us to be representative of the interest factor of rental payments under operating leases. The dollar amount of deficiency in earnings available for fixed charges for a one-to-one ratio for 2005 and 2004 was $14,840 and $8,798, respectively.