EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges
Exhibit 12.1
 
Paperweight Development Corp. and Subsidiaries
Statement of Computation of Ratio of Earnings to Fixed Charges
(unaudited)
 
                                          
Nine Months Ended
    
(Predecessor Basis)
     
(Successor Basis)
     
(Predecessor Basis)
     
(Successor Basis)
    
1997
   
1998
     
1999
   
2000
     
For the Period December 31, 2000 to November 9, 2001
     
For the Period November 10, 2001 to December 29, 2001
     
September 30, 2001
     
September 29, 2002
Net earnings from continuing operations
   
$
129,651
   
$
82,813
 
   
$
49,893
   
$
70,812
     
$
43,626
     
$
7,616
     
$
41,827
     
$
22,106
Add: Income tax expense
   
 
70,611
   
 
53,716
 
   
 
17,715
   
 
35,725
     
 
24,574
     
 
117
     
 
16,952
     
 
167
Add: Interest expense
   
 
30,931
   
 
60,215
 
   
 
42,926
   
 
43,244
     
 
25,441
     
 
10,638
     
 
22,815
     
 
53,616
Minority interest in net earnings of subsidiaries
   
 
1,237
   
 
5,493
 
   
 
4,896
   
 
1,230
     
 
—  
     
 
—  
     
 
—  
     
 
—  
Equity in net income of unconsolidated affiliates
   
 
46
   
 
(7,313
)
   
 
—  
   
 
—  
     
 
—  
     
 
—  
     
 
—  
     
 
—  
Portion of rent deemed interest factor
   
 
3,993
   
 
3,878
 
   
 
3,448
   
 
3,394
     
 
2,485
     
 
386
     
 
2,160
     
 
2,181
    
  
  
  
    
    
    
    
Total earnings available for fixed charges
   
$
236,469
   
$
198,802
 
   
$
118,878
   
$
154,405
     
$
96,126
     
$
18,757
     
$
83,754
     
$
78,070
    
  
  
  
    
    
    
    
Fixed charges:
                                                                  
Interest expense
   
 
30,931
   
 
60,215
 
   
 
42,926
   
 
43,244
     
 
25,441
     
 
10,638
     
 
22,815
     
 
53,616
Portion of rent deemed interest factor
   
 
3,993
   
 
3,878
 
   
 
3,448
   
 
3,394
     
 
2,485
     
 
386
     
 
2,160
     
 
2,181
    
  
  
  
    
    
    
    
Total fixed charges
   
$
34,924
   
$
64,093
 
   
$
46,374
   
$
46,638
     
$
27,926
     
$
11,024
     
$
24,975
     
$
55,797
    
  
  
  
    
    
    
    
Ratio of earnings to fixed charges
   
 
6.8
   
 
3.1
 
   
 
2.6
   
 
3.3
     
 
3.4
     
 
1.7
     
 
3.4
     
 
1.4