EXHIBIT 12.01 PORTOLA PACKAGING, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS) SIX MONTHS ENDED YEAR ENDED AUGUST 31, -------------------------- ----------------------------------------------------------- FEBRUARY 28, FEBRUARY 29, 1991 1992 1993 1994 1995 1995 1996 --------- --------- --------- --------------- --------- ------------ ------------ Fixed charges: Interest expense........ $ 3,972 $ 3,200 $ 3,128 $ 3,996 $ 8,658 $ 4,003 $ 6,380 Debt financing costs.... 418 969 479 1,058 447 269 261 Rent expense............ 269 284 295 465 499 240 344 --------- --------- --------- ------- --------- ------------ ------------ Total interest........ 4,659 4,453 3,902 5,519 9,604 4,512 6,985 Total fixed charges....... 4,659 4,453 3,902 5,519 9,604 4,512 6,985 Less: Capitalized interest................. -- -- -- -- -- -- -- --------- --------- --------- ------- --------- ------------ ------------ Net fixed charges....... $ 4,659 $ 4,453 $ 3,902 $ 5,519 $ 9,604 $ 4,512 $ 6,985 --------- --------- --------- ------- --------- ------------ ------------ --------- --------- --------- ------- --------- ------------ ------------ Earnings: Net income (loss)....... $ 455 $ 663 $ 309 $ 225 $ 140 $ 231 $ (1,465) Income tax benefit from extraordinary item..... -- -- (592) (539) -- -- (844) Cumulative effect of adopting SFAS No. 109.................... -- -- -- 85 -- -- -- Provision for taxes..... 1,301 1,287 1,521 1,095 1,294 730 755 Net fixed charges....... 4,659 4,453 3,902 5,519 9,604 4,512 6,985 --------- --------- --------- ------- --------- ------------ ------------ Total earnings.......... $ 6,415 $ 6,403 $ 5,140 $ 6,385 $ 11,038 $ 5,473 $ 5,431 --------- --------- --------- ------- --------- ------------ ------------ --------- --------- --------- ------- --------- ------------ ------------ Calculation of ratio of earnings to fixed charges: Total earnings.......... $ 6,415 $ 6,403 $ 5,140 $ 6,385 $ 11,038 $ 5,473 $ 5,431 Total fixed charges..... 4,659 4,453 3,902 5,519 9,604 4,512 6,985 Ratio of earnings to fixed charges.......... 1.38 1.44 1.32 1.16 1.15 1.21 Deficiency of earnings to fixed charges....... (1,554)