Globe Holdings, Inc.
Exhibit 12.1 Statement Re: Computation of ratio of earnings to fixed charges
Fiscal Year Ended: December 31, Nine Months Ended: September 30,
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Pro forma Pro forma
1993 1994 1995 1996 1997 1997 1997 1998 1998
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Fixed Charges:
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Interest expense 2,256 3,646 6,027 5,347 4,067 29,406 3,451 6,794 21,563
Interest capitalized 0 1,558 422 0 506 635 313 828 959
Interest portion of rental expense 21 22 18 6 7 7 5 6 6
Net amortization of debt discount
and issuance expense 490 438 297 151 94 0 73 48 0
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2,767 5,664 6,764 5,504 4,674 30,048 3,842 7,676 22,528
Earnings:
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Consolidated pretax income from
continuing operations 14,884 6,706 4,127 13,346 25,232 (111) 20,516 14,360 5,362
Fixed charges per above 2,767 5,664 6,764 5,504 4,674 30,048 3,842 7,676 22,528
Less interest capitalized 0 1,558 422 0 506 635 313 828 959
------ ------ ------ ------ ------ ------ ------ ------ ------
17,651 10,812 10,469 18,850 29,400 29,302 24,045 21,208 26,931
Ratio of earnings to
fixed charges 6.38 1.91 1.55 3.42 6.29 0.98(a) 6.26 2.76 1.20
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(a) Earnings on a Pro Forma basis for the full year ended December 31, 1997
were inadequate to cover fixed charges by $746.