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, ------------------------------------------------------ -------------------------------- 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 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 ------ ------ ------ ------ ------ ------ ------ ------ ------ 2,767 5,664 6,764 5,504 4,674 30,048 3,842 7,676 22,528 Earnings: - --------- 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 ================================================================================================================================= (a) Earnings on a Pro Forma basis for the full year ended December 31, 1997 were inadequate to cover fixed charges by $746.