Exhibit 12.1
Paperweight Development Corp. and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges
(unaudited)
Three Months Ended
------------------------
(Successor (Predecessor (Successor
(Predecessor Basis) Basis) Basis) Basis)
------------------------------------------------------------ ------------ ------------ ----------
For the For the
Period Period
December 31, November 10,
2000 to 2001 to
November 9, December 29, April 1, March 31,
1997 1998 1999 2000 2001 2001 2001 2002
--------- --------- --------- --------- ------------ ------------ -------- ---------
Net earnings from continuing
operations $ 129,651 $ 82,813 $ 49,893 $ 70,812 $ 43,626 $ 7,616 $ 2,312 $ 10,486
Add: Income tax expense 70,611 53,716 17,715 35,725 24,574 117 1,468 79
Add: Interest expense 30,931 60,215 42,926 43,244 25,441 10,638 7,720 19,373
Minority interest in net
earnings of subsidiaries 1,237 5,493 4,896 1,230 -- -- -- --
Equity in net income of
unconsolidated affiliates 46 (7,313) -- -- -- -- -- --
Portion of rent deemed
interest factor 3,993 3,878 3,448 3,394 2,485 386 762 735
--------- --------- --------- --------- ------------ ------- -------- ---------
Total earnings available
for fixed charges $ 236,469 $ 198,802 $ 118,878 $ 154,405 $ 96,126 $18,757 $ 12,262 $ 30,673
========= ========= ========= ========= ============ ======= ======== =========
Fixed charges:
Interest expense 30,931 60,215 42,926 43,244 25,441 10,638 7,720 19,373
Portion of rent deemed
interest factor 3,993 3,878 3,448 3,394 2,485 386 762 735
--------- --------- --------- --------- ------------ ------- -------- ---------
Total fixed charges $ 34,924 $ 64,093 $ 46,374 $ 46,638 $ 27,926 $11,024 $ 8,482 $ 20,108
========= ========= ========= ========= ============ ======= ======== =========
Ratio of earnings to
fixed charges 6.8 3.1 2.6 3.3 3.4 1.7 1.4 1.5
========= ========= ========= ========= ============ ======= ======== =========