Sonoco Products (SON) 10-K 2011 FY Annual report

EXHIBIT 12

SONOCO PRODUCTS COMPANY

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Years Ended December 31
	2011			2010			2009			2008			2007
EARNINGS
Pretax income	$	284,406		$	254,454		$	214,221		$	202,376		$	255,626
Add: Distributed income from affiliates		11,676			17,123			5,563			7,632			8,435
Add: Fixed charges		64,341			58,352			60,591			72,964			79,950
Amortization of capitalized interest		2,341			2,303			2,301			2,161			2,245
Total Earnings		362,764			332,232			282,676			285,133			346,256
Less: Capitalized interest		(3,113	)		(3,817	)		(2,899	)		(1,917	)		(2,916	)
Adjusted Earnings	$	359,651		$	328,415		$	279,777		$	283,216		$	343,340
FIXED CHARGES
Interest expense	$	41,832		$	37,413		$	40,992		$	53,401		$	61,440
Capitalized interest		3,113			3,817			2,899			1,917			2,916
Portion of rents representative of the interest factor		19,396			17,122			16,700			17,646			15,594
Total Fixed Charges	$	64,341		$	58,352		$	60,591		$	72,964		$	79,950
Ratio of Earnings to Fixed Charges		5.59			5.63			4.62			3.88			4.29