Exhibit 12.1
ALCO STANDARD CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Fiscal Year Ended September 30
-------------------------------------------------------------
1994 1993 1992 1991 1990
--------- --------- --------- --------- ---------
Earnings
Income from continuing operations $ 70,609 $ 7,615 $ 104,217 $ 76,642 $ 64,300
Add:
Loss from unconsolidated affiliate 117,158 2,538
Provision for income taxes 86,203 16,984 68,303 49,160 47,160
Fixed charges 101,779 86,615 70,168 68,748 66,361
--------- --------- --------- --------- ---------
Earnings, as adjusted (A) $ 375,749 $ 113,752 $ 242,688 $ 194,550 $ 177,821
========= ========= ========= ========= =========
Fixed charges
Other interest expense, including
interest on capital leases $ 71,780 $ 63,851 $ 51,203 $ 53,173 $ 52,942
Estimated interest component of
rental expense 29,999 22,764 18,965 15,575 13,419
--------- --------- --------- --------- ---------
Total fixed charges (B) $ 101,779 $ 86,615 $ 70,168 $ 68,748 $ 66,361
========= ========= ========= ========= =========
Ratio of earnings to fixed charges
(A) divided by (B) 3.7 1.3 * 3.5 2.8 2.7
--- --- --- --- ---
* Excluding the effect of the restructuring costs, the ratio of earnings to
fixed charges for fiscal 1993 is 3.3.