TULTEX CORPORATION EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Amounts in thousands) Nine Months Year Ended Ended Dec. 30 Dec.29 Dec. 28 Jan. 2 Jan.1 Oct. 2 Oct. 1 1989 1990 1991 1993 1994 1993 1994 Income (loss) before income taxes and cumulative effect of accounting change $13,416 $30,270 $10,767 $20,251 $9,091 $5,823 ($884) Interest on indebtedness (C) 12,504 15,162 11,414 13,540 16,996 12,337 13,203 Amortization of deferred debt issue costs 0 0 0 106 268 159 1,205 Portion of rental expense representative of the interest factor (33%) 3,029 3,724 4,103 4,565 5,031 3,703 3,444 Total fixed charges 15,533 18,886 15,517 18,211 22,295 16,199 17,852 Income (loss) before income taxes and cumulative effect of accounting change and fixed charges (C) $24,719 $42,832 $23,934 $38,462 $31,386 $22,022 $16,968 Ratio of earnings to fixed charges 1.59 2.27 1.54(B) 2.11 1.41 1.36 (A) COMPUTATION OF PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES AFTER ADJUSTMENT FOR DEBT ISSUANCE Income (loss) before income taxes and cumulative effect of accounting change and fixed charges, as above (C) $31,386 $16,968 Fixed charges, as above 22,295 17,852 Adjustments: Estimated net increase in interest expense from refinancing 3,090 3,307 Estimated net increase (decrease) in amortization of deferred debt issue costs 133 (353) Total pro forma fixed charges $25,518 $20,806 Pro forma ratio of earnings to fixed charges 1.23 (D) (A) Earnings did not cover fixed charges by $884 for the nine months ended October 1, 1994. (B) Included in earnings for the year ended December 28, 1991 was a nonrecurring gain of $4,014 before income taxes related to the sale of facilities. If such sale had not occurred, the ratio of earnings to fixed charges would have been 1.28. (C) Interest on indebtedness includes capitalized interest of $4,230, $6,324, and $2,350 for the years ended Dec. 30, 1989, Dec. 29, 1990 and Dec. 28, 1991, respectively. This capitalized interest has been excluded from "Income (loss) before income taxes and cumulative effect of accounting change and fixed charges". (D) On a pro forma basis, earnings did not cover fixed charges by $3,838 for the nine months ended October 1, 1994.