1 EXHIBIT 12.1 CORPORATE EXPRESS, INC. RATIO OF EARNINGS TO FIXED CHARGES PRO FORMA PRO FORMA AS AS ADJUSTED ADJUSTED THREE THREE TWELVE MONTHS MONTHS MONTHS ELEVEN MONTHS ENDED ENDED ENDED ENDED FISCAL YEARS MAY 2, MAY 2, JANUARY 31, JANUARY 31, ---------------------------------------------- 1998 1998 1998 1998 1996 1995 1994 1993 1992 --------- ------- ----------- ------------- -------- ------- ------- ------ ------ Earnings: Pretax income from continuing operations..... $ 19,537 $29,052 $ 60,099 $ 77,542 $ 73,785 $21,978 $24,600 $ 505 $ (913) Add: Fixed charges.......... 31,932 22,417 117,332 64,112 49,025 25,248 21,550 5,742 5,501 Deduct: Capitalized interest.................. 1,091 1,091 3,533 3,239 3,887 882 -- -- -- -------- ------- -------- -------- -------- ------- ------- ------ ------ Adjusted earnings........... 50,378 50,378 173,898 138,415 118,923 46,344 46,150 6,247 4,588 Fixed charges: Interest expense............ 22,593 13,078 88,972 38,115 26,949 17,968 16,915 5,014 4,972 Capitalized interest........ 1,091 1,091 3,533 3,239 3,887 882 Interest portion of rent expense................... 8,248 8,248 24,827 22,758 18,189 6,398 4,635 728 529 -------- ------- -------- -------- -------- ------- ------- ------ ------ Total fixed charges........... 31,932 $22,417 $117,332 $ 64,112 $ 49,025 $25,248 $21,550 $5,742 $5,501 Ratio of earnings to fixed charges................... 1.6 2.2 1.5 2.2 2.4 1.8 2.1 1.1 --(1) - --------------- (1) The ratio of earnings to fixed charges is calculated by dividing earnings, defined as income from continuing operations before income taxes and minority interest plus fixed charges less capitalized interest, by fixed charges, defined as interest expense plus capitalized interest and the interest portion of rent expense. Fiscal 1992 earnings were lower than total fixed charges resulting in a less than one-to-one ratio of earnings to fixed charges, consequently, additional earnings of $913,000 would have been required to attain a ratio of one-to-one.