Jostens 10-Q 2004 Q2 Quarterly report

EXHIBIT 12

JOSTENS, INC. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)

	Three months ended				Years ended
Dollars in thousands	June 28, 2003		June 29, 2002		December 28, 2002		December 29, 2001		December 30, 2000			January 1, 2000		January 2, 1999
Earnings
Income (loss) from continuing operations before income taxes	$	77,188	$	73,693	$	28,269	$	26,540	$	(10,468	)	$	43,999	$	35,952
Interest expense (excluding capitalized interest)		27,608		35,468		68,435		79,035		60,252			7,486		7,026
Portion of rent expense under long-term operating leases representative of an interest factor		697		720		1,312		1,164		1,121			1,483		1,233
Total earnings	$	105,493	$	109,881	$	98,016	$	106,739	$	50,905		$	52,968	$	44,211
Fixed charges
Interest expense (including capitalized interest)	$	27,608	$	35,468	$	68,435	$	79,035	$	60,252		$	7,887	$	7,729
Portion of rent expense under long-term operating leases representative of an interest factor		697		720		1,312		1,164		1,121			1,483		1,233
Total fixed charges	$	28,305	$	36,188	$	69,747	$	80,199	$	61,373		$	9,370	$	8,962
Ratio of earnings to fixed charges		3.7		3.0		1.4		1.3		0.81			5.7		4.9

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