Exhibit 12.1
Paperweight Development Corp. and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges
(unaudited)
Six 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, July 1, June 30,
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 $ 16,218 $ 5,128
Add: Income tax expense 70,611 53,716 17,715 35,725 24,574 117 10,305 39
Add: Interest expense 30,931 60,215 42,926 43,244 25,441 10,638 15,137 37,772
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 1,434 1,522
--------- --------- --------- --------- --------- --------- --------- ---------
Total earnings available
for fixed charges $ 236,469 $ 198,802 $ 118,878 $ 154,405 $ 96,126 $ 18,757 $ 43,094 $ 44,461
========= ========= ========= ========= ========= ========= ========= =========
Fixed charges:
Interest expense 30,931 60,215 42,926 43,244 25,441 10,638 15,137 37,772
Portion of rent deemed
interest factor 3,993 3,878 3,448 3,394 2,485 386 1,434 1,522
--------- --------- --------- --------- --------- --------- --------- ---------
Total fixed charges $ 34,924 $ 64,093 $ 46,374 $ 46,638 $ 27,926 $ 11,024 $ 16,571 $ 39,294
========= ========= ========= ========= ========= ========= ========= =========
Ratio of earnings to
fixed charges 6.8 3.1 2.6 3.3 3.4 1.7 2.6 1.1
========= ========= ========= ========= ========= ========= ========= =========