Exhibit 12.1

                            PAYLESS SHOESOURCE, INC.
                COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                        FOR THE LAST THREE FISCAL YEARS

<Table>
<Caption>
                                           Feb. 01,      Feb. 02,      Feb. 03,
(Thousands, except ratio)                    2003          2002          2001
                                           --------      --------      --------
                                                              
Earnings Available for Fixed Charges:
Pretax earnings before minority
 interest and extraordinary loss           $158,914      $ 71,810      $202,960
Fixed Charges (Interest expense plus
 interest component of rent)                104,341       109,873       105,054
                                           --------      --------      --------
                                           $263,255      $181,683      $308,014
                                           ========      ========      ========

Fixed Charges:
Gross interest expense                     $ 23,549      $ 30,649      $ 29,316
Interest factor attributable
 to rent expense                             80,792        79,224        75,738
                                           --------      --------      --------
                                           $104,341      $109,873      $105,054
                                           ========      ========      ========
Ratio of Earnings
 to Fixed Charges                               2.5           1.7           2.9
                                           ========      ========      ========
</Table>