Exhibit 12.1
Appleton Papers Inc. and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges
(unaudited)
1996 1997 1998 1999 2000
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Net earnings from continuing operations $ 134,009 $ 129,651 $ 82,813 $ 49,893 $ 70,812
Add: Income tax expense 70,387 70,611 53,716 17,715 35,725
Add: Interest expense 27,235 30,931 60,215 42,926 43,244
Minority interest in net earnings of subsidiaries 1,149 1,237 5,493 4,896 1,230
Equity in net income of unconsolidated affiliates (5,531) 46 (7,313) - -
Portion of rent deemed interest factor 3,721 3,993 3,878 3,448 3,394
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Total earnings available for fixed charges $ 230,970 $ 236,469 $ 198,802 $ 118,878 $ 154,405
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Fixed charges:
Interest expense 27,235 30,931 60,215 42,926 43,244
Portion of rent deemed interest factor 3,721 3,993 3,878 3,448 3,394
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Total fixed charges $ 30,956 $ 34,924 $ 64,093 $ 46,374 $ 46,638
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Ratio of earnings to fixed charges 7.5 6.8 3.1 2.6 3.3
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Nine Months Ended
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October 1, September 30,
2000 2001
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Net earnings from continuing operations $ 63,346 $ 41,827
Add: Income tax expense 31,911 16,952
Add: Interest expense 31,446 22,815
Minority interest in net earnings of subsidiaries 1,230 -
Equity in net income of unconsolidated affiliates - -
Portion of rent deemed interest factor 2,506 2,160
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Total earnings available for fixed charges $ 130,439 $ 83,754
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Fixed charges:
Interest expense 31,446 22,815
Portion of rent deemed interest factor 2,506 2,160
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Total fixed charges $ 33,952 $ 24,975
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Ratio of earnings to fixed charges 3.8 3.4
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