Globe Holdings, Inc.
Exhibit 12.1 Statement Re: Computation of ratio of earnings to fixed charges
Fiscal Year Ended: December 31, Six Months Ended: June 30,
----------------------------------------------------------- --------------------------
Pro forma Pro forma
1993 1994 1995 1996 1997 1997 1997 1998 1998
---- ---- ---- ---- ---- --------- ---- ---- ---------
Fixed Charges:
- --------------
Interest expense 2,256 3,646 6,027 5,347 4,067 23,576 2,145 1,812 11,534
Interest capitalized 0 1,558 422 0 506 635 176 352 469
Interest portion of rental expense 21 22 18 6 7 7 3 4 4
Net amortization of debt discount
and issuance expense 490 438 297 151 94 5,195 55 41 2,802
------ ------ ------ ------ ------ ------ ------ ------ ------
2,767 5,664 6,764 5,504 4,674 29,413 2,379 2,209 14,809
Earnings:
- ---------
Consolidated pretax income from
continuing operations 14,884 6,706 4,127 13,346 25,232 (111) 14,016 17,678 4,702
Fixed charges per above 2,767 5,664 6,764 5,504 4,674 29,413 2,379 2,209 14,809
Less interest capitalized 0 1,558 422 0 506 635 176 352 469
------ ------ ------ ------ ------ ------ ------ ------ ------
17,651 10,812 10,469 18,850 29,400 28,667 16,219 19,535 19,042
Ratio of earnings to
fixed charges 8.38 1.91 1.55 3.42 6.29 0.97(a) 6.82 8.84 1.29
==================================================================================================================================
(a) Earnings on a Pro Forma basis for the full year ended December 31, 1997
were inadequate to cover fixed charges by $746.