Exhibit 12.1
Merrill Corporation
Computation of Ratio of Earnings to Fix Charges
Pro Forma
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Nine months
Nine months ended Year ended ended
Year ended January 31, October 31, January 31, October 31,
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1995 1996 1997 1998 1999 1998 1999 1999 1999
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Income before provision
for income taxes........ $ 21,154 $ 18,706 $ 32,484 $ 46,466 $ 47,671 $ 41,813 $ 35,549 $ 19,684 $ 15,267
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Fixed charges........... 2,742 2,807 6,157 7,068 7,035 5,090 7,733 43,732 33,718
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Ratio of Earnings
to Fix Charges.......... 8.7x 7.7x 6.3x 7.6x 7.8x 9.2x 5.6x 1.5x 1.5x
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