EXHIBIT 12.1
CLARCOR INC.
STATEMENT RE COMPUTATION OF RATIOS
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
<Table>
<Caption>
Fiscal Years Ended (A)
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2002 2001 2000 1999 1998 1997
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Return on Beginning Assets
Net Earnings $ 46,601 $ 41,893 $ 40,237 $ 35,412 $ 32,079 $ 26,918
Divided by Beginning Assets 530,617 501,930 472,991 305,766 282,519 267,019
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Equals Return on Beginning Assets 8.8% 8.3% 8.5% 11.6% 11.4% 10.1%
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Return on Beginning Shareholders' Equity
Net Earnings $ 46,601 $ 41,893 $ 40,237 $ 35,412 $ 32,079 $ 26,918
Divided by Beginning Shareholders' Equity 274,261 242,093 210,718 186,807 171,162 154,681
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Equals Return on Beginning Shareholders' Equity 17.0% 17.3% 19.1% 19.0% 18.7% 17.4%
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Dividend Payout to Net Earnings
Dividends Paid $ 11,975 $ 11,575 $ 11,207 $ 10,814 $ 10,717 $ 10,290
Divided by Net Earnings 46,601 41,893 40,237 35,412 32,079 26,918
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Equals Dividend Payout to Net Earnings 25.7% 27.6% 27.9% 30.5% 33.4% 38.2%
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Debt to Capitalization
Current Debt $ 68,456 $ 5,579 $ 5,482 $ 5,440 $ 470 $ 1,140
Long Term Debt 22,648 135,203 141,486 145,981 36,419 37,656
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Total Debt $ 91,104 $ 140,782 $ 146,968 $ 151,421 $ 36,889 $ 38,796
Ending Shareholders' Equity 315,461 274,261 242,093 210,718 186,807 171,162
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Equals Capitalization $ 406,565 $ 415,043 $ 389,061 $ 362,139 $ 223,696 $ 209,958
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Debt $ 91,104 $ 140,782 $ 146,968 $ 151,421 $ 36,889 $ 38,796
Divided by Capitalization 406,565 415,043 389,061 362,139 223,696 209,958
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Equals Debt to Capitalization 22.4% 33.9% 37.8% 41.8% 16.5% 18.5%
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Working Capital
Current Assets $ 259,746 $ 244,350 $ 230,479 $ 227,670 $ 168,173 $ 160,527
Less Current Liabilities 174,255 94,931 97,826 97,475 61,183 54,237
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Equals Working Capital $ 85,491 $ 149,419 $ 132,653 $ 130,195 $ 106,990 $ 106,290
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Current Ratio
Current Assets $ 259,746 $ 244,350 $ 230,479 $ 227,670 $ 168,173 $ 160,527
Divided by Current Liabilities 174,255 94,931 97,826 97,475 61,183 54,237
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Equals Current Ratio 1.5 2.6 2.4 2.3 2.7 3.0
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Free Cash Flow
Cash Flow From Operations $ 85,019 $ 63,290 $ 54,130 $ 38,642 $ 42,267 $ 41,632
Less Capital Expenditures 12,204 18,204 29,005 21,822 15,825 11,349
Less Dividends Paid 11,975 11,575 11,207 10,814 10,717 10,290
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Equals Free Cash Flow $ 60,840 $ 33,511 $ 13,918 $ 6,006 $ 15,725 $ 19,993
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<Caption>
Fiscal Years Ended (A)
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1996 1995 1994 1993 1992
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Return on Beginning Assets
Net Earnings $ 25,945 $ 23,500 $ 21,416 $ 17,277 $ 13,619
Divided by Beginning Assets 245,697 206,928 191,657 181,660 179,337
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Equals Return on Beginning Assets 10.6% 11.4% 11.2% 9.5% 7.6%
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Return on Beginning Shareholders' Equity
Net Earnings $ 25,945 $ 23,500 $ 21,416 $ 17,277 $ 13,619
Divided by Beginning Shareholders' Equity 138,144 122,801 110,299 105,460 102,000
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Equals Return on Beginning Shareholders' Equity 18.8% 19.1% 19.4% 16.4% 13.4%
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Dividend Payout to Net Earnings
Dividends Paid $ 9,512 $ 9,330 $ 9,201 $ 9,036 $ 8,958
Divided by Net Earnings 25,945 23,500 21,416 17,277 13,619
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Equals Dividend Payout to Net Earnings 36.7% 39.7% 43.0% 52.3% 65.8%
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Debt to Capitalization
Current Debt $ 7,625 $ 7,596 $ 7,579 $ 7,921 $ 6,825
Long Term Debt 43,449 41,860 25,090 32,650 38,534
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Total Debt $ 51,074 $ 49,456 $ 32,669 $ 40,571 $ 45,359
Ending Shareholders' Equity 154,681 138,144 122,801 110,299 105,460
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Equals Capitalization $ 205,755 $ 187,600 $ 155,470 $ 150,870 $ 150,819
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Debt $ 51,074 $ 49,456 $ 32,669 $ 40,571 $ 45,359
Divided by Capitalization 205,755 187,600 155,470 150,870 150,819
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Equals Debt to Capitalization 24.8% 26.4% 21.0% 26.9% 30.1%
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Working Capital
Current Assets $ 140,726 $ 133,286 $ 109,992 $ 97,569 $ 105,067
Less Current Liabilities 51,297 49,841 43,926 37,647 30,559
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Equals Working Capital $ 89,429 $ 83,445 $ 66,066 $ 59,922 $ 74,508
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Current Ratio
Current Assets $ 140,726 $ 133,286 $ 109,992 $ 97,569 $ 105,067
Divided by Current Liabilities 51,297 49,841 43,926 37,647 30,559
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Equals Current Ratio 2.7 2.7 2.5 2.6 3.4
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Free Cash Flow
Cash Flow From Operations $ 26,675 $ 21,092 $ 25,670 $ 20,727 $ 23,456
Less Capital Expenditures 22,230 14,471 12,119 10,776 8,290
Less Dividends Paid 9,512 9,330 9,201 9,036 8,958
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Equals Free Cash Flow $ (5,067) $ (2,709) $ 4,350 $ 915 $ 6,208
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</Table>
(A) Calculation of Certain Items Presented in the "11-Year Financial
Review" Filed with Form 10-K for Fiscal Year Ended 11/30/2002