EXHIBIT 12.2
JEFFERSON SMURFIT CORPORATION (U.S.)
CALCULATION OF HISTORICAL RATIOS OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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1999 1998 1997 1996 1995
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Income (loss) from continuing operations before
income taxes, extraordinary item and
cumulative effect of accounting change $ 462 $ (279) $ (22) $ 132 $ 370
Add (deduct):
Minority interest share of income (loss) 2
Equity in loss of affiliate (1)
Interest expense (a) 227 196 196 198 235
Interest component of rental expense 12 13 12 12 12
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Earnings available for fixed charges $ 700 $ (70) $ 186 $ 342 $ 619
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Fixed Charges:
Interest expense (a) $ 227 $ 196 $ 196 $ 198 $ 235
Capitalized interest 3 2 5 3 3
Interest component of rental expense 12 13 12 12 12
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Total fixed charges $ 242 $ 211 $ 213 $ 213 $ 250
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Ratio of earnings to fixed charges 2.89 (b) (b) 1.60 2.49
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(a) Interest expense includes amortization of debt issuance cost of $10 million
in 1999, $8 million in 1998, $11 million in 1997, $13 million in 1996 and
$14 million in 1995.
(b) For the years ended December 31, 1998 and 1997, earnings were inadequate to
cover fixed charges by $281 million and $27 million, respectively.