Clearwater Paper (CLW) 10-K2016 Q4 Annual report

Filed: 22 Feb 17, 12:00am

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New words: adjacent, advisory, alleviate, alleviated, analyzing, bankruptcy, BKH, breach, buyout, costly, creation, cutting, depict, drawn, earliest, exceed, extruded, Fargo, Farm, focused, haul, hypothetical, incident, Indiana, invalidity, Journal, lessee, lessor, leverage, lump, Manchester, narrow, Northwest, NYSE, Oklahoma, opportunity, ordinary, paired, paragraph, pattern, PCA, Pennsylvania, population, procedure, published, quantify, representation, restored, ROU, screen, sixteen, slitting, Street, sum, team, thereunder, ton, Topic, towel, TreeHouse, uninsured, unplanned, unused, Virginia, voluntary, Wall, warehousing, warranty, withhold, withholding

Removed: affiliate, affirmative, alleged, alleging, buyback, Canadian, Clean, Danny, Department, displacing, DOJ, effected, EPA, freezing, functional, gradually, hedging, inspection, institution, invest, Johansen, Justice, notification, notified, pertinent, prospectively, receive, referral, relocated, requirement, reserve, Riordan, slight, standby, stemming, submitted, subsequently, suspend, technical, terminate, translation, unrealized

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Exhibit (12)

CLEARWATER PAPER CORPORATION

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)



				Years Ended December 31,
	2016			2015			2014		2013		2012
Earnings before income taxes	$	80,666		$	92,488		$	16,241	$	38,234	$	111,591
Add: Fixed charges	41,396			40,021			72,407		69,390		53,974
Subtract: Capitalized interest	(2,343		)	(396		)	—		—		(12,570		)
Earnings available for fixed charges	$	119,719		$	132,113		$	88,648	$	107,624	$	152,995
Fixed charges:
Interest expense, net¹	$	30,651		$	31,182		$	63,570	$	61,094	$	33,796
Rental expense factor ²	8,402			8,443			8,837		8,296		7,608
Capitalized interest	2,343			396			—		—		12,570
Total fixed charges	$	41,396		$	40,021		$	72,407	$	69,390	$	53,974
Ratio of earnings to fixed charges	2.9			3.3			1.2		1.6		2.8


¹	Interest expense, net for the years ended December 31, 2016, 2014 and 2013 includes debt retirement costs of $0.4 million, $24.4 million and $17.1 million, respectively.


²	“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 earnings available for fixed charges by fixed charges. Earnings available for fixed charges represent earnings before income taxes and fixed charges excluding capitalized interest. Fixed charges consist of interest expense, capitalized interest and the rental expense factor discussed above.