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New words:
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Removed:
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Filing tables
Filing exhibits
- 10-K Annual report
- 10.1 Agreement to Loan and Security Agreement
- 10.5 2008 Stock Incentive Plan Amendment-form of Letter for Performance Share Awards
- 10.5 2008 Stock Incentive Plan Amendment-form of Annual Performance Share Awards
- 10.6 2008 Stock Incentive Plan Amendment-form of Letter for Restricted Stock Units
- 10.6 2008 Stock Incentive Plan Amendment-form of Annual Restricted Stock Units
- 10.6 2008 Stock Incentive Plan Amendment-form of Special Restricted Stock Units
- 10.7 2008 Stock Incentive Plan Amendment-form of Letter for Stock Option Agreement
- 10.7 2008 Stock Incentive Plan Amendment-form of Annual Stock Option Agreement
- 12 Computation of Ratio of Earnings to Fixed Charges
- 21 Clearwater Paper Corporation Subsidiaries
- 23 Consent of Independent Registered Public Accounting Firm
- 24 Powers of Attorney
- 31 Rule 13A-14(A)/15D-14(A) Certifications
- 32 Furnished Statements of the Chief Executive Officer and Chief Financial Officer
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Exhibit (12)
CLEARWATER PAPER CORPORATION
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Earnings before income taxes | $ | 16,241 | $ | 38,234 | $ | 111,591 | $ | 70,920 | $ | 76,196 | ||||||||||
Add: Fixed charges | 72,407 | 69,390 | 53,974 | 55,706 | 27,382 | |||||||||||||||
Subtract: Capitalized interest | — | — | (12,570 | ) | (3,705 | ) | (480 | ) | ||||||||||||
Earnings available for fixed charges | $ | 88,648 | $ | 107,624 | $ | 152,995 | $ | 122,921 | $ | 103,098 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense1 | $ | 63,570 | $ | 61,094 | $ | 33,796 | $ | 44,809 | $ | 22,571 | ||||||||||
Rental expense factor 2 | 8,837 | 8,296 | 7,608 | 7,192 | 4,331 | |||||||||||||||
Capitalized interest | — | — | 12,570 | 3,705 | 480 | |||||||||||||||
Total fixed charges | $ | 72,407 | $ | 69,390 | $ | 53,974 | $ | 55,706 | $ | 27,382 | ||||||||||
Ratio of earnings to fixed charges | 1.2 | 1.6 | 2.8 | 2.2 | 3.8 |
1 | Interest expense, net for the years ended December 31, 2014 and 2013 includes debt retirement costs of $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.