Jostens 10-Q 2003 Q3 Quarterly report

EXHIBIT 12

JOSTENS, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)

	Nine months ended				Years ended
Dollars in thousands	September 28, 2002		September 29, 2001		December 29, 2001		December 30, 2000			January 1, 2000		January 2, 1999		January 3, 1998
Earnings
Income (loss) from continuing operations before income taxes	$	43,853	$	27,544	$	26,540	$	(10,468	)	$	43,999	$	35,952	$	52,379
Interest expense (excluding capitalized interest)		50,830		60,570		79,035		60,252			7,486		7,026		6,866
Portion of rent expense under long-term operating leases representative of an interest factor		1,053		943		1,164		1,121			1,483		1,233		2,133
Total earnings	$	95,736	$	89,057	$	106,739	$	50,905		$	52,968	$	44,211	$	61,378
Fixed charges
Interest expense (including capitalized interest)	$	50,830	$	60,570	$	79,035	$	60,252		$	7,887	$	7,729	$	6,866
Portion of rent expense under long-term operating leases representative of an interest factor		1,053		943		1,164		1,121			1,483		1,233		2,133
Total fixed charges	$	51,883	$	61,513	$	80,199	$	61,373		$	9,370	$	8,962	$	8,999
Ratio of earnings to fixed charges		1.8		1.4		1.3		0.8	1		5.7		4.9		6.8

¹ For the year ended December 30, 2000, earnings did not cover fixed charges by $10.5 million.