Exhibit 12.1
Chesapeake Corporation
Computation of Ratio of Earnings to Fixed Charges
(in millions, except for ratio of earnings to fixed charges)
| Fiscal Years Ended On | |||||||||||||||
| 1/02/05 | 12/28/03 | 12/29/02 | 12/30/01 | 12/31/00 | |||||||||||
| (Restated) | |||||||||||||||
Earnings: | |||||||||||||||
Pre tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income/loss from equity investees | 8.1 | 24.8 | 11.7 | 1.3 | (0.3 | ) | |||||||||
Fixed charges | 40.1 | 46.7 | 48.6 | 44.2 | 44.8 | ||||||||||
Pre tax losses of equity investees | — | — | — | (0.4 | ) | (0.6 | ) | ||||||||
| 48.2 | 71.5 | 60.3 | 45.1 | 43.9 | |||||||||||
Less capitalized interest | (0.4 | ) | (1.0 | ) | (0.1 | ) | — | — | |||||||
Less minority interest | — | — | — | (0.1 | ) | (0.3 | ) | ||||||||
Total Earnings | 47.8 | 70.5 | 60.2 | 45.2 | 44.2 | ||||||||||
Fixed Charges: | |||||||||||||||
Interest expensed and capitalized and amortization of premiums, discounts and capitalized expenses related to indebtedness | 37.8 | 44.3 | 46.3 | 41.7 | 42.9 | ||||||||||
Estimated interest component of rental expense (1) | 2.3 | 2.4 | 2.3 | 2.5 | 1.9 | ||||||||||
Total Fixed Charges | 40.1 | 46.7 | 48.6 | 44.2 | 44.8 | ||||||||||
Ratio of earnings to fixed charges | 1.2 | 1.5 | 1.2 | 1.0 | — | (2) | |||||||||
| (1) | Represents approximately one-third of rent expense which is deemed to represent the interest component of rental payments. |
| (2) | Earnings, as defined, were inadequate to cover fixed charges by $0.6 million. |
