. . . Exhibit 12.1 Steelcase Inc. Computation of Ratio of Earnings to Fixed Charges (Dollars in millions) Year Ended Nine Months Ended -------------------------------------------------------- ------------------- February February February February February November November 25, 2005 27, 2004 28, 2003 22, 2002 23, 2001 25, 2005 26, 2004 -------- ---------- ---------- -------- -------- -------- -------- (restated) (restated) EARNINGS: Income (loss) from continuing operations $11.7 $(42.0) $(41.6) $(2.1) $191.5 $39.6 $10.7 Add: Income taxes (benefit) (6.7) (50.9) (25.1) (3.2) 109.5 24.3 (4.7) Cash distribution of income from unconsolidated joint ventures 2.1 0.5 0.5 0.5 -- 4.3 2.1 Interest expense 21.5 20.5 27.8 39.4 35.6 14.0 16.6 Amortization of bond discount 0.3 0.3 0.3 -- -- 0.2 0.3 Estimated interest portion of rent expense 19.3 22.2 19.9 21.3 18.2 14.5 14.5 ----- ------ ------ ----- ------ ----- ----- TOTAL EARNINGS $48.2 $(49.4) $(18.2) $55.9 $354.8 $96.9 $39.5 ===== ====== ====== ===== ====== ===== ===== FIXED CHARGES: Interest expense $21.5 $ 20.5 $ 27.8 $39.4 $ 35.6 $14.0 $16.6 Amortization of bond discount 0.3 0.3 0.3 -- -- 0.2 0.3 Estimated interest portion of rent expense 19.3 22.2 19.9 21.3 18.2 14.5 14.5 ----- ------ ------ ----- ------ ----- ----- TOTAL FIXED CHARGES $41.1 $ 43.0 $ 48.0 $60.7 $ 53.8 $28.7 $31.4 ===== ====== ====== ===== ====== ===== ===== RATIO OF EARNINGS TO FIXED CHARGES (1) 1.17 * * * 6.59 3.38 1.26 ===== ====== ====== ===== ====== ===== ===== (1) The ratio of earnings to fixed charges is calculated by dividing earnings, as defined, by fixed charges, as defined. For this purpose, "earnings" consist of income from continuing operations before taxes and equity in net income of joint ventures and dealer transitions, plus fixed charges. For this purpose, "fixed charges" consist of interest incurred, a portion of rent expense and amortization of deferred debt expense. * Earnings for the years ended February 27, 2004, February 28, 2003 and February 22, 2002 were inadequate to cover fixed charges by $92.4 million, $66.2 million and $4.8 million, respectively.