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GENERAL BINDING CORPORATION EXHIBIT 12.1
COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES
(000 OMITTED, EXCEPT RATIOS)
Years ended December 31,
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1993 1994 1995 1996 1997
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EARNINGS
Income before income taxes $24,305 $25,700 $35,833 $42,554 $48,180
Undistributed (earnings) loss of equity investees (206) (240) (44) 589 577
Fixed charges deducted from income:
Implicit interest in rents 2,481 2,564 2,745 2,751 3,119
Interest expense 3,609 3,776 4,259 6,172 24,577
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Earnings available for fixed charges $30,189 $31,800 $42,793 $52,066 $76,453
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FIXED CHARGES
Implicit interest in rents $2,481 $2,564 $2,745 $2,751 $3,119
Interest expense 3,609 3,776 4,259 6,172 24,577
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Fixed charges $6,090 $6,340 $7,004 $8,923 $27,696
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RATIO OF EARNINGS TO FIXED CHARGES 5.0 5.0 6.1 5.8 2.8
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Three months ended
March 31,
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1997 1998
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EARNINGS
Income before income taxes $11,286 $11,825
Undistributed (earnings) loss of equity investees 145 69
Fixed charges deducted from income
Implicit interest in rents 815 $953
Interest expense 5,228 7,472
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Earnings available for fixed charges $17,474 $20,319
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FIXED CHARGES
Implicit interest in rents $ 815 $953
Interest expense 5,228 7,472
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Fixed charges $ 6,043 $ 8,425
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RATIO OF EARNINGS TO FIXED CHARGES 2.9 2.4
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Year Ended
December 31, 1997
PRO
FORMA
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EARNINGS
Income before income taxes $38,495
Undistributed (earnings) loss of equity investees 577
Fixed charges deducted from income:
Implicit interest in rents 3,623
Interest expense 39,848
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Earnings available for fixed charges $82,543
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FIXED CHARGES
Implicit interest in rents $3,623
Interest expense 39,848
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Fixed charges $43,471
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RATIO OF EARNINGS TO FIXED CHARGES 1.9
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