EXHIBIT 12.1
Diamond Brands Incorporated
Ratio of Earnings to Fixed Charges - Holdings
Year Ended December 31, Three Months Ended March 31,
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Pro forma Pro Forma
1993 1994 1995 1996 1997 1997 1997 1998 1998
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Earnings -
Income before income taxes 5,784 3,578 6,454 13,443 22,005 9,213 3,305 3,762 (586)
Fixed charges 679 524 4,038 3,971 4,771 23,789 1,011 1,111 5,909
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Total Earnings (A) 6,463 4,102 10,492 17,414 26,776 27,002 4,316 4,873 5,323
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Fixed Charges -
Interest 639 492 3,921 3,509 4,210 22,723 818 929 5,678
Amortization of deferred financing costs - - 42 349 340 845 134 118 167
Interest component of operating leases 40 32 75 113 221 221 59 64 64
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Total fixed charges (B) 679 524 4,038 3,971 4,771 23,789 1,011 1,111 5,909
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Ratio of Earnings to Fixed Charges
(A divided by B) 9.5 7.8 2.6 4.4 5.6 1.1 4.3 4.4 (a)
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The ratio of earnings to fixed charges has been calculated by dividing income before income taxes and fixed charges by fixed
charges. Fixed charges for this purpose include accretion of debt discounts, cash interest expense, amortization of deferred
financing costs and one third of operating lease payments (the portion deemed to be representative of the interest factor).
Earnings were inadequate to cover fixed charges by $0.6 million.