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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2004 2003 2002 2001 2000 1999 1998 1997
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Return on Beginning Assets
Net Earnings................. $ 63,997 $ 54,552 $ 46,601 $ 41,893 $ 40,237 $ 35,412 $ 32,079 $ 26,918
Divided by Beginning
Assets..................... 538,237 546,119 530,617 501,930 472,991 305,766 282,519 267,019
-------- -------- -------- -------- -------- -------- -------- --------
Equals Return on Beginning
Assets................... 11.9% 10.0% 8.8% 8.3% 8.5% 11.6% 11.4% 10.1%
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Return on Beginning
Shareholders' Equity
Net Earnings................. $ 63,997 $ 54,552 $ 46,601 $ 41,893 $ 40,237 $ 35,412 $ 32,079 $ 26,918
Divided by Beginning
Shareholders' Equity....... 370,392 315,461 274,261 242,093 210,718 186,807 171,162 154,681
-------- -------- -------- -------- -------- -------- -------- --------
Equals Return on Beginning
Shareholders' Equity..... 17.3% 17.3% 17.0% 17.3% 19.1% 19.0% 18.7% 17.4%
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Dividend Payout to Net Earnings
Dividends Paid............... $ 12,834 $ 12,406 $ 11,975 $ 11,575 $ 11,207 $ 10,814 $ 10,717 $ 10,290
Divided by Net Earnings...... 63,997 54,552 46,601 41,893 40,237 35,412 32,079 26,918
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Equals Dividend Payout to
Net Earnings............. 20.1% 22.7% 25.7% 27.6% 27.9% 30.5% 33.4% 38.2%
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Debt to Capitalization
Current Debt................. $ 420 $ 674 $ 68,456 $ 5,579 $ 5,482 $ 5,440 $ 470 $ 1,140
Long Term Debt............... 24,130 16,913 22,648 135,203 141,486 145,981 36,419 37,656
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Total Debt................. $ 24,550 $ 17,587 $ 91,104 $140,782 $146,968 $151,421 $ 36,889 $ 38,796
Ending Shareholders'
Equity..................... 428,462 370,392 315,461 274,261 242,093 210,718 186,807 171,162
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Equals Capitalization...... $453,012 $387,979 $406,565 $415,043 $389,061 $362,139 $223,696 $209,958
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Debt......................... $ 24,550 $ 17,587 $ 91,104 $140,782 $146,968 $151,421 $ 36,889 $ 38,796
Divided by Capitalization.... 453,012 387,979 406,565 415,043 389,061 362,139 223,696 209,958
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Equals Debt to
Capitalization........... 5.4% 4.5% 22.4% 33.9% 37.8% 41.8% 16.5% 18.5%
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Working Capital
Current Assets............... $303,990 $257,402 $259,746 $244,350 $230,479 $227,670 $168,173 $160,527
Less Current Liabilities..... 126,272 111,373 174,255 94,931 97,826 97,475 61,183 54,237
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Equals Working Capital..... $177,718 $146,029 $ 85,491 $149,419 $132,653 $130,195 $106,990 $106,290
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Current Ratio
Current Assets............... $303,990 $257,402 $259,746 $244,350 $230,479 $227,670 $168,173 $160,527
Divided by Current
Liabilities................ 126,272 111,373 174,255 94,931 97,826 97,475 61,183 54,237
-------- -------- -------- -------- -------- -------- -------- --------
Equals Current Ratio....... 2.4 2.3 1.5 2.6 2.4 2.3 2.7 3.0
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<Caption>
FISCAL YEARS ENDED (A)
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1996 1995 1994
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Return on Beginning Assets
Net Earnings................. $ 25,945 $ 23,500 $ 21,416
Divided by Beginning
Assets..................... 245,697 206,928 191,657
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Equals Return on Beginning
Assets................... 10.6% 11.4% 11.2%
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Return on Beginning
Shareholders' Equity
Net Earnings................. $ 25,945 $ 23,500 $ 21,416
Divided by Beginning
Shareholders' Equity....... 138,144 122,801 110,299
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Equals Return on Beginning
Shareholders' Equity..... 18.8% 19.1% 19.4%
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Dividend Payout to Net Earnings
Dividends Paid............... $ 9,512 $ 9,330 $ 9,201
Divided by Net Earnings...... 25,945 23,500 21,416
-------- -------- --------
Equals Dividend Payout to
Net Earnings............. 36.7% 39.7% 43.0%
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Debt to Capitalization
Current Debt................. $ 7,625 $ 7,596 $ 7,579
Long Term Debt............... 43,449 41,860 25,090
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Total Debt................. $ 51,074 $ 49,456 $ 32,669
Ending Shareholders'
Equity..................... 154,681 138,144 122,801
-------- -------- --------
Equals Capitalization...... $205,755 $187,600 $155,470
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Debt......................... $ 51,074 $ 49,456 $ 32,669
Divided by Capitalization.... 205,755 187,600 155,470
-------- -------- --------
Equals Debt to
Capitalization........... 24.8% 26.4% 21.0%
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Working Capital
Current Assets............... $140,726 $133,286 $109,992
Less Current Liabilities..... 51,297 49,841 43,926
-------- -------- --------
Equals Working Capital..... $ 89,429 $ 83,445 $ 66,066
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Current Ratio
Current Assets............... $140,726 $133,286 $109,992
Divided by Current
Liabilities................ 51,297 49,841 43,926
-------- -------- --------
Equals Current Ratio....... 2.7 2.7 2.5
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</Table>
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(A) Calculation of Certain Items Presented in the "11-Year Financial Review"
Filed with Form 10-K for Fiscal Year Ended 11/30/2004