Valassis Communications (VCI) 10-K/A 2004 FY Annual report (amended)

EXHIBIT 12.1

	YEAR ENDED
(in thousands of U.S. dollars)	Dec. 31, 2004		Dec. 31, 2003		Dec. 31, 2002		Dec. 31, 2001		Dec. 31, 2000
Fixed charges:
Interest expense	$	11,362	$	13,134	$	13,347	$	17,711	$	22,924
Portion of rent expense representative of interest		2,600		2,467		1,867		1,567		1,567
Total fixed charges	$	13,962	$	15,601	$	15,214	$	19,278	$	24,491
Earnings:
Income from continuing operations before tax	$	159,067	$	162,833	$	149,197	$	187,689	$	202,117
Fixed charges per above		13,962		15,601		15,214		19,278		24,491
Total earnings	$	173,029	$	178,434	$	164,411	$	206,967	$	226,608
Ratio of earnings to fixed charges		12.23		11.44		10.81		10.74		9.25

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