Exhibit 12.2
ALCO STANDARD CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES (EXCLUDING CAPTIVE FINANCE SUBSIDIARIES)
(dollars in thousands)
Fiscal Year Ended September 30
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1994 1993 1992 1991 1990
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Earnings
Income from continuing operations $ 57,262 $ 11,025 $ 98,162 $ 73,051 $ 66,283
Add:
Loss from unconsolidated affiliate 117,158 2,538
Provision for income taxes 77,792 11,512 64,592 46,221 46,781
Fixed charges 73,751 62,535 50,595 52,951 55,189
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Earnings, as adjusted (A) $ 325,963 $ 87,610 $ 213,349 $ 172,223 $ 168,253
========= ========= ========= ========= =========
Fixed charges
Other Interest expense, including
interest on capital leases $ 43,802 $ 40,189 $ 31,680 $ 37,426 $ 41,792
Estimated interest component of
rental expense 29,949 22,346 18,915 15,525 13,397
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Total fixed charges (B) $ 73,751 $ 62,535 $ 50,595 $ 52,951 $ 55,189
========= ========= ========= ========= =========
Ratio of earnings to fixed charges
(A) divided by (B) 4.4 1.4* 4.2 3.3 3.0
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* Excluding the effect of the restructuring costs, the ratio of earnings to
fixed charges (excluding captive finance subsidiaries) for fiscal 1993 is
4.2.